OREB Applauds New Housing Initiative and Zoning
February 12, 2024
The Ottawa Real Estate Board (OREB) endorses today’s substantial federal and municipal housing announcement, committing $176 million through the Housing Accelerator Fund to expedite the creation of 4,400 new housing units over three years and stimulate the construction of 32,600 homes in the next decade.
OREB is encouraged by these efforts, which parallel our advocacy for more inclusive housing policies. The initiatives announced, including Mayor Mark Sutcliffe’s pledge to advance the Comprehensive Zoning Bylaw, resonate with OREB’s recommendations—particularly the proposal to allow up to four residential units on property lots to enhance density and address inventory shortages. We call on the mayor and city officials to deliver this commitment by passing the comprehensive bylaw review process by 2025.
Recent market indicators highlight the urgency for such measures. In January 2024, the months of inventory reduced to 3.1 months from 3.5 months in January 2023. This signals a tight market with room for improvement in housing supply. Fast-tracking 4,400 new home units is a positive start in addressing the housing supply concerns.
OREB has consistently called for an increased supply of affordable housing and rental units. We are particularly pleased that the funding targets more rental units, affordable housing, and missing middle housing. The bylaw review process’s potential to allow four units as-of-right on property lots is a transformative change we have long supported.
This announcement represents a significant step towards meeting the persisting demand for housing in Ottawa. As we await the implementation of these zoning changes, OREB is steadfast in our commitment to supporting our Member REALTORS® and the community—advocating for a housing market that is both accessible and robust.