The Tenant Protection Act is working, and
I am glad that I have had a role in its success.
By bringing in the TPA, the Ernie Eves government
aimed to strike a balance in protecting sitting tenants
and allowing the marketplace to work. Millions in capital
repairs have been invested by the industry, vacancy rates
are up and new rental housing is being built. This is
exactly what the Act was meant to do.
The opposition parties have indicated they
will move backwards in terms of rental housing policy.
Our government supports the principles of the TPA and
will continue to listen and work with stakeholders like
yourself in ensuring that we continue to move forward.
Our goal as a government is to promote and
maintain a healthy rental housing industry throughout
the province.
The Ernie Eves government believes the key
to a robust rental housing market is to bring the private
sector back into rental housing.
To this end, we have undertaken a number
of reforms.
Last June, we passed Bill 124, "An
Act to Improve Public Safety and to Increase Efficiency
in Building Code Enforcement." This is the biggest
reform of the Building Code since the Building Code Act
was introduced in 1976.
Bill 124 cuts a lot of red tape for builders
and paves the way for speedier approval of plans and inspections.
In another initiative to spur affordable
housing in Ontario, we have given municipalities the authority
to tax new rental housing at rates as low as those
on single-family housing for a period of 35 years. I am
expecting municipalities to use this authority to encourage
new affordable rental developments.
A third reform we have made is vacancy decontrol
through the TPA.
This is a key feature in allowing rents to reach market
levels while continuing to protect tenants. The government
recognizes that increasing the supply of rental housing
is an important component of a healthy rental market.
Our reforms are working and we will continue to remove
financial and regulatory barriers.
And I will say again, that our reforms are
working - the current high vacancy rate is your proof.
What's more, this leads to benefits for your tenants as
well as investors: tenants now have more choice; new units
are under construction; and there has been a surge of
investment in existing rental housing stock-balconies
are being repaired, underground parking lots are being
upgraded.
In short, the marketplace is working...
But we have to do more.
Last May, our government signed an agreement
with the federal government to build up to 10,500 affordable
rental housing units in Ontario. In the longer term, the
government recognizes that improvements in the business
and investment climate are key if the private sector is
to once again start building sufficient rental housing
to meet the bulk of market demand without government subsidies.
The Ernie Eves government recognizes the
challenges facing the builders, the owners and the managers
of Ontario's rental housing stock and we are working to
improve the environment in which you operate.
A vital rental housing industry is crucial
in the GTA and our government wants to work closely with
you to make sure an unencumbered, market-driven industry
thrives across Greater Toronto.
Your help in working with the government
to ensure that we can continue to move forward with improvements
to the rental housing sector is much appreciated..
