Toronto board of trade calls for regulatory reforms to spur housing growth

The Toronto Region Board of Trade is urging Ontario to implement regulatory reforms to address the province's housing crisis. In a report published Thursday, the board stated that Ontario is on track to fall short of its goal of constructing at least 1.5 million new homes by 2031, even if housing production increases over the next five years.

Current budget forecasts project that Ontario will fall over 550,000 homes short of the required pace by 2029. Board President and CEO Giles Gherson emphasized that the housing gap remains "very, very large" despite efforts to close it. He argued that zoning and building code rules are "very fragmented" and "out of date" across the province, making it difficult to standardize production and add significant cost and delay to housing development.

The board recommended developing a provincial zoning code that provides a consistent framework and terminology for all municipalities, setting a baseline for certain housing types like townhouses and multiplexes. They also suggested key changes to building codes, such as assessing the cost imposed by each requirement and allowing single-stair buildings up to six storeys with smaller elevators in smaller buildings.

Gherson pointed to other Canadian cities, like Edmonton, which have more flexible zoning and zoning codes, as evidence that a less fragmented model can lead to meaningful housing growth. The report highlights that Toronto-area home prices have increased significantly compared to inflation over the past 20 years, making housing unaffordable for many residents.