COLLINGWOOD, October 31, 2022 – The Ontario government’s proposed More Homes Built Faster legislation will remove a major obstacle facing homebuyers in land lease communities, enabling them to attain longer mortgage amortization periods that are currently available to freehold homebuyers.

On October 25, 2022, Municipal Affairs and Housing Minister Steven Clark tabled the proposed More Homes Built Faster Act, 2022, in the Ontario Legislative Assembly. Among its proposed changes to address the housing crisis in the province is an increase to the maximum available lease period from 21 years less a day to 49 years. Therefore, once the Act is approved, potential land lease homebuyers will be able to access mortgages with longer amortization periods – a significant increase from the maximum of 15 years that was previously available to them. This change can reduce the monthly cost of homeownership for the people of Ontario, making land lease homeownership even more compelling.

“Parkbridge applauds the Ontario government for this proposed legislation as it will provide more homeownership options,” said Lachlan MacLean, Senior Vice President, Property Operations at Parkbridge. “With these proposed changes in place, more homebuyers in need of a mortgage will be able to qualify for financing and fulfill their dream of homeownership.”

In a land lease community, residents buy their home and lease the land – thus avoiding the significant initial cost of the land compared to similar freehold homes. Parkbridge is at the forefront of land lease development in Canada, with homes currently available in Goderich, Ontario, and in Kelowna, British Columbia. Nationally, Parkbridge is creating vibrant and sustainable communities with a variety of housing options.

“This proposed legislation is thoughtful and comprehensive, providing much-needed changes to the approvals process to enable new housing,” said Eric Malcolmson, Senior Vice President, Development at Parkbridge. “We’re grateful Parkbridge and other industry leaders were able to share our expertise with the Housing Affordability Task Force, and that the Government of Ontario is making housing a priority.”

About Parkbridge

Parkbridge is Canada’s leading operator, developer, and owner of more than 60 residential communities and 35 recreational RV resort communities across the country. Headquartered in Collingwood, Ontario, Parkbridge enriches the lives of Canadians by enabling people who are looking to buy a home, downsize their home, and vacationers to enjoy times at RV resorts. Parkbridge manages and continually invests in the properties it owns and operates, creating a relationship with our customers and vibrant communities with quality amenities. Visit www.parkbridge.com for more information.

 

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