“If Ontario is to remain a great place for young people and their families to grow and thrive, we need to continue building more homes faster and bringing affordability back within reach. The Government of Ontario’s 2025 Fall Economic Statement released today is a big step in the right direction towards that goal, aligning with many of the pro-growth, pro-homeownership solutions that Ontario REALTORS® have been putting on the table.
The Ontario Real Estate Association (OREA) commends the Ford government for working to make life more affordable for Ontarians and their families, most notably their proposal to remove the full 8 per cent provincial portion of the harmonized sales tax (HST) for first-time home buyers on newly-built homes valued up to $1 million. This would mean up to $80,000 back in the pockets of first-time home buyers, providing much-needed support for those making the biggest financial transactions of their lives.
This is on top of the many measures introduced in their proposed Protect Ontario by Building Faster and Smarter Act, 2025, including reducing costly local development charges, as well as streamlining planning and delivery for transit-oriented communities, creating more jobs and housing options near transit. These efforts will go a long way towards protecting Ontario and building a more competitive and resilient economy.
Combined with the Government of Canada’s pro-housing solutions proposed in the 2025 Federal Budget, this week has been a big win for Ontario REALTORS® and prospective homeowners. OREA was thrilled to see the federal government championing pro-homeownership policies earlier this week, including investments in factory-built, modular, and mass timber homes through the new agency Build Canada Homes, which could cut build times by 50% and reduce costs by 20%.
We can’t deny that the economic uncertainties continue to impact everyday lives across the province. But we’re encouraged to see that Ontario’s fiscal future is in good hands with today’s announcement, as Ontario’s deficit projects to be $1.1 billion less than had originally been forecasted. The Province is also maintaining a path to balance the budget by 2027–28. OREA commends Premier Doug Ford and Minister of Finance Peter Bethlenfalvy for introducing these pro-housing measures and working to protect Ontario workers, businesses, and communities, while bringing Ontario’s finances back to balance.”
– Cathy Polan, 2025 OREA President
To learn more, visit OREA
