Today, the provincial government released the 2023 Ontario budget. Entitled Building a Strong Ontario,
Thursday, March 23, 2023
Peterborough – Today, the provincial government released the 2023 Ontario budget. Entitled Building a Strong Ontario, the budget lays out important measures that will support more housing supply and choice across our province. This fiscal plan invests in our future skilled trades workforce and commits to critical infrastructure needed for new housing.
“We warmly welcome the important investments within the budget today aimed at filling labour gaps and supporting critical infrastructure, so we can deliver keys to more families, faster,” noted Mitch Cleary, PKHBA President. “The residential construction industry is encouraged by today’s budget because it means the provincial government recognizes the need to build a strong foundation to construct the 1.5 million homes we need over the next decade, essential to restoring housing attainability in Ontario.” In the City and County of Peterborough that is nearly 10,000 homes over the next 10 years, and in the City of Kawartha Lakes it is nearly 5,000 homes.
The City of Kawartha Lakes is on track to meet that goal of 5,000 new residential units over the next 10 years. The City of Kawartha Lakes is poised to expand but also cannot let up on working towards that goal. Community Building requires cooperation between municipal services and industry, and public input is important to shape a community where everyone can live, work, play and thrive. PKHBA seeks out opportunities to work with our municipal partners to build thriving communities.
Investments of an additional $75 million for the Skills Development Fund (SDF) will make it easier for our province to build the skilled workforce of tomorrow. OHBA’s highly successful Job Ready program that helps introduce young people to rewarding careers in the skilled trades has been supported by the SDF in the past and we will continue to push for this support in the future. Furthermore, an investment of over $20 billion dollars towards vital highway, transportation and infrastructure projects will also create new links throughout our province, help connect people and underpin more housing options. Finally, we are pleased to hear the provincial government is continuing conversations with the federal government on exempting the GST/HST on new housing and rental.
“Today’s provincial budget takes important steps forward to help accelerate the delivery of housing supply in communities big and small across Ontario,” noted Rebecca Schillemat, PKHBA Exeuctive Officer. “Making it easier to get into the skilled trades and investing in crucial highway infrastructure will help make it possible for awaiting families to get the keys to their new home sooner and increase the volume and variety of housing options our province needs.”
The Provincial budget enhances recent announcements to encourage youth to complete apprenticeships while in high school, as well as dovetailing with Federal housing initiatives such as the Housing Accelerator Fund to unlock funding for municipalities to create affordable housing. Building much needed infrastructure and transportation links not only connects our community and enhances daily living but also brings good jobs and new opportunities. In our rural communinites transportation is a lifeline.
Whether it is the millennial first time home buyer, working adult, young family or retiree, Ontarians need more attainable housing. Without the right mix of home ownership, including rental options, Ontario risks economic damage as opportunities, investments and businesses will leave in search of jurisdictions that provide greater housing choice and supply. Significantly increasing housing supply and variety is critical to ensuring Ontario can remain the economic engine of Canada. We will continue to champion investments and initiatives that increase housing supply and choice so that more Ontarians can find a place where they can live, work and raise a family.
Ontario Budget Details: https://budget.ontario.ca/2023/contents.html
Chapter 1, Section A: Building Ontario: https://budget.ontario.ca/2023/chapter-1a.html
Chapter 1, Section B: Working for You: https://budget.ontario.ca/2023/chapter-1b.html
Backgrounder: Economic & Fiscale Overview: https://budget.ontario.ca/2023/eco-fiscal.html
Student Skilled Trade Apprenticeship: https://news.ontario.ca/en/release/1002797/ontario-helping-more-students-enter-the-skilled-trades-faster
Housing Accelerator Fund: https://www.cmhc-schl.gc.ca/en/professionals/project-funding-and-mortgage-financing/funding-programs/all-funding-programs/housing-accelerator-fund