RESCON Pushes for Permanent HST Cut and Faster Approvals to Ease Housing Crisis
Event summary
- RESCON's pre-budget submission calls for permanent HST elimination on new home purchases and reduced development charges.
- The association urges faster approvals through digitization and modern planning processes.
- RESCON highlights a 12% drop in children under five in Toronto (2011–2021) due to housing affordability issues.
- The submission includes 10 recommendations, including rebalancing the home-price-to-income ratio to 4x.
The big picture
RESCON's submission reflects broader industry pressures from high construction costs, regulatory bottlenecks, and affordability crises. The push for permanent tax cuts and faster approvals aligns with national infrastructure goals requiring skilled labor housing. Toronto's population decline underscores the urgency of policy reforms to sustain economic vitality.
What we're watching
- Regulatory Headwinds
- Whether federal and provincial governments will adopt RESCON's recommendations permanently.
- Market Dynamics
- How housing affordability impacts Toronto's population trends and economic growth.
- Execution Risk
- The pace at which digitization and modern planning approvals can be implemented.