![\"A](\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2022\/04\/ontario-housing-act.jpg\")
<\/a>Photo:\u00a0Brandon<\/a> \/ Adobe Stock<\/em><\/p>\nA major housing bill aimed at speeding up development timelines and boosting housing supply in Ontario through \u201cnear-term solutions and long-term commitments,\u201d has been given royal assent.<\/p>\n
On Thursday, April 14th, the Ontario government announced via a press release<\/a> that it had received royal assent for legislation to support its More Homes for Everyone plan<\/a>, which was introduced in late March at Queen\u2019s Park. The plan is based on the Ontario-Municipal Housing Summit, input from municipalities and the public, as well as the 55 recommendations that came from the province\u2019s Housing Affordability Task Force<\/a>, which were released in February.<\/p>\n Royal assent occurs when a bill is passed by the Legislative Assembly after its third reading. The Lieutenant Governor assents to the bill on behalf of the Queen by signing it, after which the bill is enacted and becomes a statute.<\/p>\n\n \u201cWith the passage of the More Homes for Everyone Act, our government is taking the next step in our long-term plan to deliver on the Housing Affordability Task Force\u2019s report, and help more Ontarians realize the dream of home ownership,\u201d said Steve Clark, Ontario\u2019s Minister of Municipal Affairs and Housing, in the release.<\/p>\n \u201cBut there is still more work to be done. As we continue to collaborate with our municipal and industry partners, our government commits to a housing supply action plan every year over four years to deliver gentle density and multi-generational homes in communities across our province,\u201d he added.<\/p>\n Major components of the More Homes for Everyone plan<\/a> include measures to crack down on land speculation and \u201cprotect home buyers,\u201d as well as strengthening consumer protections for new home buyers. Last month, Ontario announced that it could be clamping down on unethical developer behaviour<\/a> by doubling fines and extending building license suspensions. The province also intends to enable Tarion to extend warranties on unfinished items in a new home. To manage market speculation, the province recently increased<\/a> the Non-Resident Speculation Tax (NRST) rate to 20 per cent and expanded coverage across Ontario.<\/p>\n I\u2019m proud that my More Homes for Everyone Act received Royal Assent!<\/p>\n Using the Task Force\u2019s report as our long-term #housing<\/a> roadmap, More Homes for Everyone is an important next step as we help more Ontarians realize the dream of home ownership.https:\/\/t.co\/QS0Tt7xQGn<\/a> pic.twitter.com\/ZxIgoyT8xx<\/a><\/p>\n \u2014 Steve Clark (@SteveClarkPC) April 15, 2022<\/a><\/p><\/blockquote>\n\n