COLLINGWOOD, December 1, 2022 – The Ontario government’s More Homes Built Faster Act, 2022, received royal assent on November 29, 2022, removing a major obstacle facing homebuyers in land lease communities, enabling them to attain longer mortgage amortization periods that are now equal to those available to freehold homebuyers.

“Parkbridge applauds the Ontario government for its leadership and stewardship in making these long-overdue changes within the industry,” said Lachlan MacLean, Senior Vice President, Property Operations at Parkbridge. “Having the ability to secure land lease mortgages with the same amortization periods as others will help fulfill their dream of homeownership. Those extra years of mortgage amortization can significantly reduce the monthly cost of homeownership.”

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. It identified a number of initiatives to advance the province’s plan to help address the housing crisis.

“This legislation was recognized as thoughtful and comprehensive, providing much-needed efficiency to the approvals process to enable new housing,” said Eric Malcolmson, Senior Vice President, Development at Parkbridge. “It unlocks innovative construction approaches, reduces excessive bureaucracy, and increases consumer protection for homebuyers – all required to make more homes available as soon as possible and for generations to come.”

Land lease communities bridge the gap between rental apartments and freehold family homes. 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.

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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