New Housing Legislation in Ontario

Today, the Ford government introduced new legislation that will help the province reach its goal  of building one and a half million new homes in just 10 years while providing support to Ontario landlords and tenants. The Helping Homebuyers Protection Act will make investments to help clear the case backlog at the landlord tenant board. It will speed up the housing approval process to get more homes built faster and it will help aspiring first-time homebuyers by expanding deposit and insurance for first home savings accounts. So what does this all mean? So if you are in the landlord tenant board, if you've got a rental property where you've got an issue with a tenant, you could take months, if not years, about getting a bad tenant out. So that's going to hopefully speed up the process. Getting new approvals for new developments or new buildings that are becoming up, multi-level with increasing the density perhaps of the housing market will get more people into affordable homes. And lastly, first-time homebuyers being able to save up money for a down payment, this is going to help that process as well.