Unlocking Ontario's Housing Boom: An Investor's Strategic Guide to Bill 23 Opportunities

Executive Summary: Bill 23 at a Glance for Savvy Investors

Ontario's More Homes Built Faster Act, 2022 (Bill 23) represents a significant provincial initiative designed to address the persistent housing shortage by streamlining the development process and accelerating housing supply. The overarching objective of this legislation is to facilitate the construction of 1.5 million new homes across Ontario by 2031.¹ This legislative framework introduces extensive changes to various planning and conservation acts, with notable implications for municipal finances and development charges.²

For investors, the current housing landscape in Ontario presents a compelling opportunity, largely shaped by the provincial government's aggressive housing targets. The term "housing crisis" is not merely a descriptive phrase; it underscores a profound, systemic challenge that the provincial government is actively attempting to resolve through comprehensive legislative intervention.² This sustained focus on increasing housing supply signifies a strong political commitment to facilitating development. For those looking to deploy capital in the real estate sector, this translates into a powerful, government-backed impetus for growth. The province's dedication to its ambitious housing goal suggests that policy support, and potentially further incentives, are likely to persist, making housing a strategically attractive sector despite broader economic headwinds such as high interest rates. This active governmental shaping of market conditions is designed to encourage and accelerate investment in housing supply, thereby reducing some of the inherent political and regulatory uncertainties that can often impede large-scale development projects.

Key investment takeaways from Bill 23 include:

• Reduced Barriers: The legislation offers substantial reductions and exemptions in development charges and parkland dedication fees for specific housing types, directly lowering project costs and enhancing financial viability.¹
• Increased Density Potential: The "as-of-right" zoning provision is a cornerstone of the Act, permitting the creation of up to three residential units on most residential lots previously zoned for a single home, without requiring municipal by-law amendments. This fosters a form of "gentle intensification" within existing neighborhoods.¹
• Streamlined Approvals: Bill 23 aims to cut bureaucratic red tape by removing site plan control for smaller projects and implementing reforms to the Ontario Land Tribunal (OLT) to expedite appeals and prioritize housing-related cases, thereby accelerating project timelines.¹
• Shifted Governance: The transfer of land-use planning responsibilities from upper-tier municipalities to local cities and townships centralizes control at the local level, potentially simplifying engagement and approval processes for developers.¹⁸

 

The Legislative Landscape: Decoding Bill 23's Core Reforms

As-of-Right Zoning: The Multi-Unit Revolution

Bill 23 introduces a pivotal provision that allows for the creation of up to three residential units "as-of-right" on most residential lots currently zoned for a single home.¹ This means that these additional units no longer require a municipal by-law amendment, significantly simplifying and accelerating the approval process for property owners and developers.¹

The three units can be configured in various ways: they can be integrated within an existing residential structure, such as an in-law suite or a basement apartment, or they can take the form of ancillary structures like laneway homes or garden homes on the same property.¹ A key financial incentive tied to this provision is the exemption of these additional units from municipal development charges and parkland dedication fees, which further reduces the overall cost of building new homes.¹ Furthermore, municipalities are restricted from requiring more than one additional parking space for these newly created units.⁷

Beyond individual lots, the province is also actively promoting "as-of-right" zoning to achieve minimum density targets in areas surrounding major transit stations. This initiative mandates local municipalities to establish and implement official plan policies for Protected Major Transit Station Areas (PMTSAs) and to amend their by-laws to reflect these policies within one year of their coming into effect.¹

Historically, increasing density on single-family lots often necessitated navigating complex, time-consuming, and expensive zoning amendment or minor variance applications. This process typically favored larger developers with specialized planning teams and substantial capital. By making 3-unit conversions "as-of-right" and simultaneously exempting them from significant development fees, Bill 23 fundamentally lowers the barrier to entry for development.⁷ This legislative change empowers a much broader spectrum of property owners—from individual homeowners seeking to generate income to smaller-scale investors—to participate in housing development. This policy shift actively encourages "gentle intensification" ¹⁶ within existing urban and suburban areas, making these locales prime targets for incremental growth and potentially alleviating pressure for expansive greenfield development. Additionally, it could lead to a diversification of the rental market, with an increase in smaller, privately-owned rental units, often managed by "mom-and-pop" landlords. This may result in a wider array of rental options and more localized property management approaches.

 

Financial Incentives: Development Charge & Parkland Exemptions

Bill 23's core objective to reduce the overall cost of building homes is realized through various measures that freeze, reduce, or exempt government charges and fees.¹

Specific exemptions and discounts include:

• Additional Residential Units (ARUs): The creation of up to three residential units within existing detached houses, semi-detached houses, or row houses is exempt from municipal development charges (DCs) and parkland dedication fees.¹
• Affordable, Inclusionary Zoning, and Non-Profit Housing: Developments falling under these categories receive full exemptions from municipal development charges, parkland dedication levies, and community benefits charges.¹ For the purpose of these exemptions, "affordable housing" is generally defined as units rented at 80% or less of the average market rent, or sold at 80% or less of the average resale price, with an affordability period of at least 25 years.¹⁴ A more recent proposed definition for rental units also introduces an income-based component, where rent is no greater than 30% of the 60th percentile of gross annual incomes for renter households, serving as the lesser of two thresholds.²⁷
• Purpose-Built Rental Discounts: The legislation introduces tiered discounts on development charges specifically for purpose-built rental construction. These discounts are 15% for 1-bedroom/bachelor units, 20% for 2-bedroom units, and 25% for 3+ bedroom units.¹³ These discounts are applied in addition to any applicable DC interest rate freezes.¹³
• DC Phase-in & Review Period: The five-year phase-in of new development charge increases, which was introduced in Bill 23, has been repealed by Bill 185 (June 2024). Municipalities can now charge the full development charge the moment a new by-law is in force, unless the rate was already "frozen" before June 6, 2024. ⁵⁵ The mandatory review period for DC by-laws has been extended from 5 to 10 years.¹³
• Parkland Dedication Changes: The maximum alternative dedication rates for parkland have been reduced. For instance, the rate for land dedication decreased from 1 hectare per 300 dwelling units to 1 hectare per 600, and for cash-in-lieu, from 1 hectare per 500 units to 1 hectare per 1000.¹³ Caps are also set at no more than 10% of developable land (or equivalent value) for sites 5 hectares or less, and 15% for sites greater than 5 hectares.¹⁵ Notably, affordable and attainable units, as well as non-profit housing, are excluded from the unit count used for parkland calculations.¹³

While Bill 23's stated intent is to reduce costs for developers and stimulate housing construction, a closer examination reveals significant financial implications for municipalities.² Estimates of lost revenue due to these exemptions range from $555 million to $1 billion annually across Ontario.² Specific examples underscore this impact: Whitby anticipates losing an estimated $34 million annually, and Northumberland County projects an estimated shortfall of $17.4 million.³² This directly challenges the long-standing principle that "growth pays for growth".² Although the province has expressed a commitment to "keeping municipalities whole" for any impact on their ability to fund housing-enabling infrastructure, the absence of a clear, explicit mechanism for this compensation creates considerable uncertainty and concern at the municipal level.²

This situation creates a direct financial exposure for existing property owners, who may face increased property taxes to offset municipal revenue shortfalls.² Furthermore, it poses a potential long-term threat to the provision of essential municipal infrastructure and services.²⁶ A municipality struggling with infrastructure funding due to reduced development charges might experience delays in providing critical services such as water, wastewater, and roads, which are necessary to support new developments. Such delays could indirectly impact project timelines and overall feasibility for developers. It is also important to note that the "savings" realized by developers through these legislative changes are effectively a transfer of costs from the private sector to the broader taxpayer base. There is no explicit mechanism within Bill 23 to ensure that these cost savings are passed on to consumers in the form of lower housing prices; instead, market forces are expected to dictate home prices.⁹ This suggests that the primary beneficiaries of the cost reductions may be developer profit margins, rather than direct improvements in housing affordability for consumers.

 

Streamlined Approvals & OLT Reforms

Bill 23 aims to significantly reduce the time-consuming bureaucratic and municipal processes that have historically impeded residential projects across Ontario.¹

A key change involves site plan control. The legislation generally removes site plan control requirements for most residential projects with fewer than ten units.¹ However, Bill 97 (June 2023) allows the Minister to override this blanket exemption in defined cases, such as for lots located within 300 meters of a railway line or 120 meters of a shoreline. ⁵⁷ Furthermore, it limits the scope of site plan control by explicitly removing architectural details and landscape design aesthetics from its purview.¹⁵

Significant reforms have also been introduced for the Ontario Land Tribunal (OLT). Bill 23 amends the Ontario Land Tribunal Act to enable the OLT to prioritize cases that are deemed to create the most housing.¹ The Tribunal is granted new powers, including the ability to dismiss appeals without a full hearing and to restrict "third party" appeals on official plan amendments, zoning by-law amendments, consents, and minor variances.¹ Additionally, the timeframe for an applicant to appeal a non-decision to the Tribunal has been shortened from 120 days to 90 days after the application for a permit is made.¹ Bill 185 (June 2024) also repealed the requirement for municipalities to refund application fees if they miss statutory timelines and made pre-consultation voluntary for applicants. ⁵⁶

The removal of site plan control for smaller projects (those under 10 units) and the substantial reforms to the OLT directly address two of the most frequent and impactful sources of delay and cost uncertainty in the development process.¹ Site plan control often involved protracted negotiations and numerous design revisions, while OLT appeals could halt projects for many months or even years. The shortened appeal periods and the restriction of third-party appeals are specifically designed to reduce the ability of external parties, including community groups, to stall or derail development projects through lengthy legal challenges. For investors, these changes translate into greater predictability in project timelines, which is crucial for effective financial planning and for reducing carrying costs, such as interest on construction loans. Faster approvals mean that capital can be deployed and recouped more quickly, thereby improving the potential return on investment. This is particularly advantageous for smaller-scale projects, such as multi-unit conversions, where the previous bureaucratic burden could be disproportionately high relative to the project size. Overall, these legislative adjustments signal a more developer-friendly regulatory environment, explicitly designed to attract and retain investment in the housing sector by mitigating procedural risks.

 

Shifting Planning Powers: A New Era of Local Control

A significant structural change introduced by Bill 23 is the transfer of land-use planning approvals from upper-tier municipalities to local cities and townships. This shift became effective on July 1, 2024, for the Regional Municipalities of Peel, Halton, and York.¹⁹ For the Regional Municipalities of Waterloo (including cities like Cambridge, Kitchener, and Waterloo, and their townships), Durham, and Niagara, the timing for this transfer is to be determined by proclamation. ¹⁹ Local municipalities will, as a result, become solely responsible for all planning approvals.¹⁸

The province's stated intent behind this decentralization is to save staff time, reduce delays and redundancies, and expedite the approval process for planning applications, thereby allowing development projects to proceed faster.¹⁸

Concurrently, the legislation significantly reduces the power and capacity of conservation authorities to protect environmentally sensitive areas.² Their role is now primarily limited to natural hazards and flooding, with clear restrictions on their ability to comment on development applications.⁸

While the stated goal of transferring planning responsibilities to local municipalities is to expedite approvals by bringing decision-making closer to the ground ¹⁸, this decentralization carries a dual impact. It means that the efficiency and pro-development stance of individual

local municipalities become paramount. Some local governments may be better equipped, more politically aligned with provincial housing targets, or possess more streamlined internal processes than others.⁵ Conversely, a local municipality grappling with financial shortfalls due to Bill 23's impact on development charges ² or facing strong local opposition, often termed NIMBYism (Not In My Backyard) ¹⁰, could still present significant hurdles despite provincial directives. The diminished role of conservation authorities, while intended to accelerate approvals, also raises legitimate environmental concerns.² This could lead to increased risks such as flooding ² or renewed public opposition, potentially impacting project viability or reputation. Therefore, investors must conduct even more granular and specific due diligence at the

local municipal level. A broad regional assessment is no longer sufficient; understanding the specific council priorities, staff capacity, and community sentiment within individual cities and townships will be critical for identifying truly advantageous opportunities ¹⁰ and mitigating unforeseen challenges. This decentralization shifts the "where to invest" analysis from upper-tier regions to highly specific local jurisdictions, emphasizing the need for hyper-local market intelligence.

 

Table 1: Key Municipalities & Planning Responsibility Transfer Dates

The table above provides a clear, actionable map of the shift in planning authority, directly addressing the question of "where" the best plays will be. For investors, knowing which governmental body is now the primary approval authority is fundamental to navigating the development landscape. The transfer of planning responsibilities means that the efficiency, capacity, and political stance of the local municipal government become the most critical factors for development timelines and success. This table highlights the regions where this shift has already occurred or is imminent, directing investors to focus their research and engagement at the local level. The effective dates are crucial for investors to anticipate changes in the planning process and adapt their strategies accordingly. For example, in regions where the transfer has already happened, investors can immediately begin focusing on local municipal bylaws and staff, whereas in regions with future dates, they can prepare for the upcoming changes. By identifying which regions are transitioning, investors can better assess the potential for streamlined approvals (as intended by Bill 23) versus potential delays or challenges that might arise from a local municipality's capacity or differing priorities. It also implicitly signals areas where the "diminished role of conservation authorities" will be felt most acutely at the local level, requiring investors to understand local environmental sensitivities.

 

Strategic Investment Plays: Capitalizing on Bill 23's Momentum

Play 1: The Gentle Intensification Goldmine (Multi-Unit Conversions)

Bill 23 significantly simplifies the process of converting existing single-family homes into multi-unit dwellings such as duplexes, triplexes, or even fourplexes.¹⁶ In Toronto, for example, city-wide permissions for up to four units have been adopted, and the city is piloting five- and six-unit multiplexes in areas like Ward 23, signaling a strong commitment to gentle intensification.⁴⁰

For investors, this presents a compelling opportunity with several key benefits:

• Income Generation: Converting a single property into multiple income-generating rental units can significantly boost cash flow.¹⁶
• Property Value Appreciation: The addition of legal, rentable units has the potential to dramatically increase the overall market value of the property.¹⁶
• Cost Savings: Investors can leverage the explicit exemption from development charges and parkland dedication fees for these additional units, directly reducing project costs.¹
• Reduced Regulatory Hurdles: The "as-of-right" zoning provision bypasses the need for time-consuming and costly municipal by-law amendments or minor variances, accelerating project timelines.¹

To maximize success in this play, investors should consider the following ideal property characteristics and operational considerations:

• Location: Prioritize properties in areas where density is already increasing or where there is strong, sustained rental demand.¹⁰ Properties with existing, robust infrastructure, particularly municipal water and sewer services, are highly desirable as they minimize costly upgrades.²²
• Structure: Seek out homes with large basements or ample lot space suitable for ancillary units like laneway or garden homes, as these configurations can be converted or added efficiently.¹
• Due Diligence: A thorough initial assessment of the existing property's structural integrity and the capacity of its current utility services (electrical, plumbing, HVAC) is essential to identify potential challenges and accurately scope the project.⁴²
• Compliance: Strict adherence to the Ontario Building Code is paramount. This includes ensuring compliance with health, safety, and fire protection standards (e.g., fire separations between units, adequate egress routes), accessibility requirements, energy efficiency, and effective soundproofing between units.²² It is worth noting that while new builds typically require a 45-minute Fire Resistance Rating (FRR) and a Sound Transmission Class (STC) rating of 51 or higher, conversions may only require a 30-minute FRR and have no explicit STC requirement; however, investing in soundproofing is crucial for tenant satisfaction and long-term property value.⁴⁴
• Professional Expertise: Engage experienced architects, designers (especially those with a small-buildings BCIN if creating three units or three storeys or more), and licensed contractors who specialize in multi-unit conversions. Their expertise is invaluable in navigating complex regulations and ensuring quality workmanship.⁴⁰
• Budgeting: Allocate a substantial construction budget, recognizing that the addition of multiple kitchens and bathrooms, along with the necessary fire and sound separation work, significantly increases costs compared to a typical single-family renovation.⁴² A contingency fund, typically 10-20% of construction costs, is crucial for unforeseen issues or cost overruns.⁴²

The "Buy, Renovate, Rent, Refinance, Repeat" (BRRRR) strategy is a well-established real estate investment technique. Bill 23's provisions for "as-of-right" zoning for additional units and the accompanying development charge exemptions directly enhance the "Rebuild/Renovate" and "Refinance" phases of this strategy. The elimination of the need for complex rezoning applications significantly reduces the time, cost, and risk associated with increasing density.¹ Simultaneously, the exemption from development charges improves the profitability of the renovation, making it easier to achieve a strong post-conversion appraisal and secure favorable refinancing terms. This allows investors to pull out their initial capital and redeploy it into new projects, potentially achieving a "free" conversion in some scenarios.¹⁰ Bill 23 makes the BRRRR strategy significantly more attractive, scalable, and potentially less capital-intensive in Ontario. Investors can achieve higher equity gains and robust cash flow from these newly created units.¹⁰ This approach is particularly well-suited for individual investors or small development firms aiming to build a portfolio of income-generating assets through incremental development within existing, established neighborhoods. It also aligns with the broader goal of increasing housing supply by leveraging existing infrastructure.

 

Play 2: Purpose-Built Rental Powerhouse

Investing in purpose-built rental developments presents a robust opportunity under Bill 23, supported by a suite of incentives and favorable market conditions.

Incentives:

• Reduced Development Charges: Bill 23 provides tiered discounts on development charges for purpose-built rental units. These discounts are structured to incentivize larger units, offering 15% for 1-bedroom/bachelor units, 20% for 2-bedroom units, and a substantial 25% for 3+ bedroom units.¹³ This tiered approach makes the construction of family-sized rental units more financially attractive.
• Federal HST/GST Rebates: Complementing provincial efforts, federal and provincial measures, including the removal of the provincial portion of HST and a full 100% Goods and Services Tax (GST) Rental Rebate, further reduce the cost of new purpose-built rental construction, significantly improving project economics.²⁵

Financing Advantages:

• CMHC MLI Select Program: The Canada Mortgage and Housing Corporation's (CMHC) MLI Select program is a critical financing tool for developers, allowing them to borrow up to 95% of their complete construction cost for qualifying projects.¹⁰ This program specifically prioritizes projects that deliver a higher proportion of family-sized units (i.e., 2- or 3-bedroom units), aligning with the need for diverse housing options.⁴⁵

Market Demand & Strategic Unit Mix:

• Growing Rental Market: Market data indicates a significant shift towards rental housing in new construction, with nearly half of apartment starts now being purpose-built rentals. This trend reflects strong and sustained demand in an environment where homeownership affordability is declining, making rental properties a resilient asset class.⁴⁶
• Target Larger Units: To maximize the development charge discounts offered by Bill 23 and address the growing demand for family-sized housing, focusing on the development of 2-bedroom and 3+ bedroom units is a highly strategic approach.¹³

Historically, purpose-built rental developments have faced significant upfront costs and regulatory complexities, often rendering them less attractive than condominium projects. Bill 23's tiered development charge reductions ¹³, combined with federal HST/GST rebates ²⁵ and the high loan-to-value financing offered by CMHC's MLI Select program ¹⁰, directly and substantially reduce these financial burdens and associated risks. This comprehensive package of incentives is designed to improve the financial viability of large-scale rental projects, making them more competitive within the broader real estate market. This creates a powerful incentive for both large institutional investors and experienced developers to pivot towards or increase their focus on purpose-built rentals. The reduced cost burden, coupled with the potential for highly leveraged financing, should theoretically improve project feasibility and lead to an increase in the supply of new rental units. For investors seeking stable, long-term assets with predictable cash flow and a hedge against inflation, this segment of the market becomes significantly more attractive. It signals a concerted governmental effort to address the rental housing shortage by making it more profitable for developers to build.

 

Play 3: Affordable & Non-Profit Housing: Impact Investing with Incentives

For investors interested in projects with both financial returns and social impact, the affordable and non-profit housing sector offers compelling opportunities under Bill 23.

Full Exemptions: Developments categorized as affordable housing, inclusionary zoning units, or non-profit housing are fully exempt from all municipal development charges, parkland dedication fees, and community benefits charges.¹ This represents a significant reduction in upfront costs.

Stacking Opportunities: These provincial exemptions can be strategically combined with existing municipal and federal affordable housing programs and grants. For example, Toronto's Rental Housing Supply Program (RHSP) is explicitly designed to align with Bill 23 exemptions and actively encourages stacking with other government contributions to maximize financial support.⁴⁵ Similarly, Niagara Region offers various affordable housing grants and development charge deferrals for eligible non-profit developments, providing additional layers of financial support.⁴⁹

Understanding "Affordable": To qualify for these substantial exemptions, projects must meet the provincial definition of affordable housing, which generally means units rented at 80% or less of the average market rent or sold at 80% or less of the average resale price, with an affordability period of at least 25 years.¹⁴ Investors should remain updated on the evolving definition, which now includes an income-based component for rental units (rent no greater than 30% of the 60th percentile of gross annual incomes), providing a more nuanced approach to affordability.²⁷

The complete exemption from development charges, parkland dedication fees, and community benefits charges for affordable and non-profit housing ¹ represents an unparalleled cost reduction. When combined with the ability to layer these provincial incentives with existing municipal and federal funding programs ⁴⁵, the financial viability of these projects dramatically improves. While the provincial definition of "affordable" (80% of market rate) may not fully address the deepest housing needs ⁴, it still targets a significant segment of the population struggling with housing costs. This segment offers investors a unique "double bottom line" opportunity: achieving a positive social impact by contributing to the supply of much-needed housing, alongside attractive financial returns due to the significantly reduced cost burden. These projects often benefit from strong government support and can provide stable, long-term investments, appealing to investors with Environmental, Social, and Governance (ESG) mandates or those seeking government-backed stability. Understanding the precise definitions and application processes for these exemptions and stacking opportunities is key to unlocking their full potential.

 

Play 4: Transit-Oriented Development (TOD) Hotspots

Investing in Transit-Oriented Development (TOD) areas is a strategic play that aligns with provincial policy and offers significant long-term growth potential.

Mandated Density: Bill 23 explicitly aims to promote "as-of-right" zoning to meet minimum density targets near major transit stations.¹ This provincial directive mandates local municipalities to establish and implement official plan policies for Protected Major Transit Station Areas (PMTSAs) and to amend their by-laws accordingly within one year of the policies coming into effect.¹

Long-Term Growth Potential: High-density development in close proximity to rapid transit stations (typically within 1.5km) is a key strategy for increasing housing supply, reducing reliance on private vehicles, and fostering sustainable urban growth patterns.⁵⁰ These areas are inherently attractive due to their connectivity and accessibility.

Infrastructure Alignment: The province is making significant, multi-billion dollar investments in transit infrastructure.⁵¹ This substantial public investment directly supports the long-term viability and attractiveness of TODs by ensuring robust transportation networks for residents.

Government-mandated density targets around major transit hubs ¹ are not arbitrary; they reflect a deliberate, long-term provincial strategy to accommodate population growth and promote sustainable urban development. Investing in these areas means aligning with significant public infrastructure spending ⁵¹ and anticipated future concentrations of population and employment. This strategic alignment reduces speculative risk, as the demand for housing in these well-connected areas is supported by planned public investment and clear policy direction. TODs, therefore, offer robust long-term appreciation potential and strong, consistent rental demand due to their inherent accessibility and connectivity. Investors should proactively identify current and planned PMTSAs within municipalities that are actively updating their zoning bylaws to reflect these provincial mandates. Properties located within a 1.5km radius of rapid transit stations are particularly attractive for their immediate and future value proposition.⁵⁰ This strategy allows investors to leverage substantial public investment in transit infrastructure for private real estate gains, creating a mutually beneficial growth dynamic.

 

Where to Invest: Identifying Prime Regional Opportunities

Identifying the most promising investment locations under Bill 23 requires a nuanced understanding of municipal responses and existing infrastructure.

Municipalities Embracing Density:

Investors should prioritize cities that are actively updating their official plans and zoning bylaws to align with Bill 23's "as-of-right" zoning and density targets.1

• Key Examples: Barrie, Ottawa, and Guelph are cited as municipalities that are actively working to make the development process easier and more predictable.¹⁰ Ottawa, in particular, has specific rental housing incentives that complement Bill 23, making it an attractive market for purpose-built rentals.²⁸ Toronto has already adopted city-wide multiplex permissions for up to four units and is piloting permissions for five and six units in areas like Ward 23, demonstrating a strong commitment to gentle intensification and increased housing options.⁴⁰

Regions with Transferred Planning Responsibilities:

The transfer of land-use planning approvals from upper-tier municipalities to local cities and townships is a critical factor influencing development timelines and local planning environments.

• Already Transferred (July 1, 2024): The Regional Municipality of Peel, Regional Municipality of Halton, and Regional Municipality of York have already transitioned, meaning local municipalities within these regions now have direct control over planning approvals.¹⁹
• Upcoming Transfers: The Regional Municipality of Waterloo (including cities of Cambridge, Kitchener, Waterloo, and their townships), Regional Municipality of Durham, and Regional Municipality of Niagara are set to transition their planning responsibilities on dates to be determined by proclamation. ¹⁹
• Implication: In these regions, the efficiency and pro-development stance of individual local municipalities become paramount. This could lead to faster processes at the local level.¹⁸ Investors should focus their engagement and research on the specific local municipalities within these regions that demonstrate a clear commitment to expediting housing. For example, York Region is planning for significant population growth (from 1.2 million to 2.02 million by 2025) and has an ambitious housing target of 150,000 new homes by 2031, supported by substantial planned infrastructure spending.⁵

Growth Corridors & Infrastructure Investment:

Target locations with existing or planned public transit corridors are particularly attractive, as these areas are subject to mandated density targets under Bill 23.1 Furthermore, consider areas that are direct beneficiaries of provincial investments in housing-enabling infrastructure, such as water and wastewater systems. Ontario is investing nearly $2.3 billion over four years across the Housing-Enabling Water Systems Fund (HEWSF) and the Municipal Housing Infrastructure Program (MHIP) as per the 2025 Budget 63, which will unlock significant development potential and support long-term growth.

While Bill 23 is a provincial act, its practical impact is realized through municipal implementation. The transfer of planning powers means that the individual characteristics of each local municipality—its internal planning processes, the capacity of its staff, its financial health, and the political alignment of its council with provincial housing goals—will be the ultimate determinants of how quickly and smoothly development projects proceed.¹⁸ Some municipalities may be more proactive and efficient in leveraging Bill 23's provisions, while others might face internal challenges or public resistance.⁵ Investors cannot rely solely on the provincial legislation; they must conduct hyper-local research. This involves scrutinizing specific municipal "housing pledges," tracking local council meeting minutes and staff reports, and understanding the prevailing community sentiment. Identifying and engaging with truly "pro-growth" jurisdictions ¹⁰ will be crucial for finding advantageous lots and ensuring project success. Furthermore, direct engagement with local planners ¹⁶ and a deep understanding of evolving local zoning bylaws ¹⁰ will provide a competitive edge in identifying and capitalizing on the most favorable investment environments.

 

Navigating the Landscape: Risks and Mitigation Strategies for Investors

While Bill 23 presents significant opportunities, investors must also be cognizant of potential risks and implement robust mitigation strategies to ensure successful outcomes.

Municipal Financial Strain

Risk: Municipalities anticipate substantial revenue losses due to Bill 23's development charge and parkland exemptions. Estimates range from $555 million annually across Ontario by the Association of Municipalities of Ontario (AMO) to $1 billion annually by other sources.² Specific examples underscore this impact, with Whitby projecting an estimated $34 million annual loss and Northumberland County anticipating an estimated $17.4 million shortfall.³² This revenue deficit could necessitate increased property taxes for existing residents (e.g., Whitby estimates a potential 30% increase, Northumberland a 27% increase on the county portion) or lead to reductions in essential municipal services and delays in critical infrastructure projects.²

Mitigation: Investors should factor potential property tax increases into their financial pro-formas, as these can impact the long-term viability of rental properties. It is prudent to research the financial health and reserve fund balances of target municipalities.29 Engaging with local planners to understand their infrastructure plans and any potential funding gaps that could impact future development support is also advisable.18 While the province has committed to "keeping municipalities whole," the absence of a clear, binding mechanism for this compensation means this remains a significant, unaddressed risk that requires ongoing monitoring.2

Market Dynamics & Affordability

Risk: A critical concern highlighted by municipalities is that Bill 23 does not mandate developers to pass cost savings onto consumers in the form of lower housing prices; market forces will continue to dictate home prices.⁹ This implies that developer savings may primarily translate into increased profit margins rather than direct affordability improvements for homebuyers. Despite the bill's intent, housing starts have been significantly down in Ontario, and developers are struggling with pre-construction sales due a variety of factors, including high interest rates.¹⁰

Mitigation: Investors must conduct thorough, localized market analysis to understand demand, pricing elasticity, and absorption rates. Relying solely on Bill 23's cost reductions to guarantee market success is not sufficient. Focus on areas with strong underlying demand drivers, such as population growth, job creation, and transit access, that will support both rental and ownership markets. Recognize that the provincial definition of "affordable" (80% of market rate) may not address the needs of the lowest-income residents 4, so align your target market and project type accordingly.

Environmental & Community Concerns

Risk: The diminished role of conservation authorities raises significant concerns regarding the protection of environmentally sensitive areas, wetlands, and farmland, potentially leading to increased urban sprawl.² This could result in increased flooding risks in certain areas ² and potentially heightened public opposition (NIMBYism) to development projects, leading to delays or reputational damage.¹⁰

Mitigation: Prioritize infill development and intensification within existing serviced urban areas to minimize environmental impact and potential community backlash.22 Conduct thorough environmental due diligence, including understanding local hazard mapping and conservation plans.37 Where appropriate, engage in proactive community consultations, highlighting the benefits of increased housing supply and responsible, sustainable development practices.40 Considering sustainable building practices can also enhance market appeal and reduce long-term environmental liabilities.

Operational Challenges for Multi-Unit Conversions

Risk: While incentivized, converting single-family homes into multi-unit properties presents complex operational challenges. Strict adherence to the Ontario Building Code is required, particularly concerning fire safety (e.g., fire separations between units, adequate egress routes), soundproofing between units, and the installation of separate utility systems for each unit.²² Structural modifications, extensive plumbing, and electrical upgrades for multiple units can be costly and demand specialized expertise.⁴⁰ The permit application process, though streamlined in some aspects, can still be complex and lead to delays if not managed meticulously.⁴²

Mitigation: Engage qualified professionals early in the process, including architects, engineers, and licensed contractors with relevant Building Code Identification Numbers (BCINs) for multi-unit projects.40 Budget a significant contingency, often 10-20% of construction costs, for unforeseen issues or cost overruns.42 Prioritize properties with good existing structural integrity and easily accessible utility connections to minimize conversion complexity and cost.

 

Regulatory Evolution & Tenant Protections

Risk: The legislative and regulatory landscape in Ontario is dynamic and subject to ongoing changes and new interpretations.² Bill 23 also grants the Minister of Municipal Affairs and Housing the authority to limit or ban city rules that require developers to return tenants to rent-controlled apartments after redevelopment.⁴ This could increase the risk of tenant displacement and public scrutiny for redevelopment projects involving existing rental housing.

Mitigation: Investors must stay continuously informed about legislative updates, regulatory bulletins, and ministerial directives. For projects involving the demolition or conversion of existing rental units, it is crucial to thoroughly understand current tenant protection policies and factor potential tenant relocation costs or legal challenges into financial models. Considering engagement with tenant advocacy groups or local community organizations to build goodwill and mitigate potential opposition can also be a valuable strategy.

While Bill 23's primary objective is to facilitate the building of "More Homes Built Faster," a deeper analysis reveals potential consequences that could inadvertently impede this goal or create new challenges. The significant reduction in municipal revenues from development charges ² could, paradoxically, slow down overall growth by crippling municipalities' ability to fund essential housing-enabling infrastructure like roads, water, and wastewater systems.²⁶ Without this infrastructure, new homes cannot be built, regardless of zoning. Similarly, the weakening of environmental protections and the diminished role of conservation authorities ² could lead to long-term environmental costs (e.g., increased flooding ²) and increased public backlash, which can, in turn, create new forms of project delays, legal challenges, or reputational risks for developers. Therefore, investors must look beyond the immediate "cost savings" provided by Bill 23 and consider the broader, interconnected ecosystem of municipal finance, infrastructure, and environmental sustainability. A project that relies heavily on reduced environmental oversight or places undue strain on municipal services might face significant future challenges, even if initially expedited. Adopting sustainable, community-aligned development practices and actively engaging with local stakeholders could become a crucial competitive advantage, not merely a "nice-to-have." This approach mitigates long-term risks, enhances social license, and ultimately contributes to more resilient and successful investments in the evolving Ontario housing market.

 

A Strategic Outlook for Ontario Real Estate Investors

Ontario's Bill 23, the More Homes Built Faster Act, 2022, represents a pivotal shift in the province's housing landscape, offering transformative opportunities for real estate investors. The legislation's focus on gentle intensification, purpose-built rentals, and affordable housing, coupled with significant financial incentives and streamlined approvals, creates a fertile ground for strategic investment. The provincial government's unwavering commitment to its 1.5 million homes target provides a strong, long-term policy tailwind for the housing sector.

For investors, the most advantageous plays will involve:

1. Leveraging Gentle Intensification: Focusing on converting existing single-family homes into multi-unit dwellings (duplexes, triplexes, fourplexes) in desirable, well-serviced neighborhoods. The "as-of-right" zoning and development charge exemptions significantly enhance the profitability and scalability of this strategy, allowing for efficient capital deployment and robust returns.
2. Developing Purpose-Built Rentals: Capitalizing on the tiered development charge discounts and federal HST/GST rebates for purpose-built rental projects, particularly those offering larger, family-sized units. The availability of high loan-to-value financing through programs like CMHC MLI Select further de-risks these ventures, making them attractive for stable, long-term cash flow.
3. Exploring Affordable and Non-Profit Housing: Pursuing projects that qualify for full exemptions from development charges and other fees. These opportunities allow investors to achieve both financial gains and a positive social impact, often benefiting from additional municipal and federal funding programs.
4. Targeting Transit-Oriented Development (TOD) Hotspots: Investing in areas around major transit stations where mandated density targets and significant provincial infrastructure investments promise sustained demand and long-term appreciation.

However, success in this evolving environment necessitates a meticulous and informed approach. Investors must move beyond a superficial understanding of the legislation and delve into the nuances of its implementation. This includes:

• Hyper-Local Due Diligence: Recognizing that the transfer of planning responsibilities to local municipalities means that the efficiency, capacity, and political alignment of individual cities and townships will be paramount. Identifying and engaging with truly "pro-growth" local jurisdictions is critical.
• Comprehensive Risk Assessment: Factoring in the potential for municipal financial strain, including higher property taxes or reduced services, and understanding that market forces, not legislative savings, will dictate housing prices.
• Navigating Operational Complexities: For multi-unit conversions, strict adherence to building codes, fire safety, and soundproofing requirements, along with engaging qualified professionals, is essential to mitigate construction and regulatory challenges.
• Strategic Engagement: Being prepared for potential community concerns, especially regarding environmental impacts, and considering sustainable development practices to build social license and long-term project resilience.

In essence, Bill 23 has reshaped the investment landscape in Ontario real estate, creating clear pathways for increased density and reduced development costs. The strategic investor will be one who not only understands these legislative changes but also possesses the foresight to navigate the complex interplay of municipal finance, market dynamics, and community sentiment, ensuring that "faster" also translates into "smarter" and more sustainable investments.

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