The Parliamentary Budget Officer (PBO) has released an analysis of housing-related measures in the 2025 federal budget. The report highlights the government's efforts to address housing affordability, including the First-Time Home Buyers’ GST Rebate and significant investments in housing-enabling infrastructure. However, the analysis notes that while the budget allocates substantial funds for new housing initiatives, it may fall short in addressing immediate affordability challenges for aspiring homeowners.  

On December 10, the Bank of Canada announced a hold of the interest rate policy at 2.25 per cent. The next interest rate announcement is scheduled for January 28. 

On November 13, Cornerstone met with the Honourable Stephen Crawford, Minister of Public and Business Service Delivery and Procurement of Ontario to present evidence-based recommendations for reforming RECO in light of the recent iPro Realty situation.   

In total, 12 recommendations developed through feedback and engagement with members were shared, with a major focus on:  

On November 28, consistent with Cornerstone’s recommendation, Minister Crawford moved to appoint Jean Lépine as the administrator of RECO and subsequently dismissed the board.  

Cornerstone’s first meeting with Jean Lépine was on his first day, December 1, and a subsequent meeting is taking place on December 15.  

Cornerstone attended OREA’s REALTOR® Advocacy Day in Toronto. Cornerstone met with 9 MPs from Mississauga, Waterloo Region, Hamilton, Niagara, and Haldimand-Norfolk on December 2, along with three further meetings in Mississauga on December 5. During the conference, we had the opportunity to hear from Premier Doug Ford, Minister Rob Flack, Minister Stephen Crawford, representatives from all opposition parties, and many more. 

The two main recommendations we raised in our meetings were: 

A new Ontario Fire Code will be effective on January 1, 2026. Carbon monoxide alarms will now be required in residential buildings, including detached homes, townhouses and row houses, where there are fuel-burning appliances, fireplaces and attached garages, in an area adjacent to each sleeping area and on each storey of the building. In apartment and condo buildings, carbon-monoxide alarms must also be installed in public corridors if the building is heated by fuel-burning equipment. Landlords must purchase, install, and provide usage guidelines for tenants, while tenants are responsible for reporting any problems and testing the units monthly. 

On November 26, Cornerstone attended Haldimand Norfolk Home Builders’ Association Christmas Gala with Minister Rob Flack. He shared an update on Bill 60 and spoke briefly with Cornerstone. 

On December 12, the Burlington Chamber of Commerce will be hosting Mayor Meed Ward's Mayor's Luncheon. Mayor Patrick Brown from Brampton and Mayor Cam Guthrie from Guelph will join her for a fireside chat. The event is currently sold out. 

Mayor Meed Ward’s State of the City address will be held on January 23 at the Burlington Convention Centre.  

The City of Hamilton made their Rental Housing Licensing pilot in Wards 1, 8, and 14 permanent. If you have a rental property in those wards you will continue to need a rental license. The City is also considering the implementation of rental housing licensing in Ward 2. 

The City of Hamilton has approved an affordable housing acquisition plan, helping non-profits purchase rentals to keep them affordable. This may encourage the non-profit sector to buy at the lower end of the market.  

The 2026 Politician’s Breakfast will be held on Friday, February 6, in Jordan Station. Updates will be presented from all four levels of government.  

Cornerstone will be attending a fireside chat with Hon. Rob Flack, Minister of Municipal Affairs and Housing, on January 22 at the Glenerin Inn & Spa. 

Mississauga City Council has authorized staff to negotiate and execute a Memorandum of Understanding with Habitat for Humanity Halton-Mississauga-Dufferin regarding partnership opportunities for the provision of affordable ownership units. 

The Greater Kitchener Waterloo Chamber of Commerce is hosting this season’s second Vision 1 million event on January 15 at Bingemans, focusing on healthcare capacity.  

Cornerstone CEO Bill Duce spoke at the November 19, Vision 1 Million event about the state of the housing market and the need for collaboration across all levels of government to address the need for diverse housing options throughout the region. 

Cambridge City Council will be discussing implementing form based zoning at their meeting on December 15. The goal of this change is to simplify overall zoning regulations and support the development of missing middle housing.  

Kitchener City Council will be considering a Community Improvement Plan on December 15. The two programs being recommended are an Additional Dwelling Unit Grant and a Missing Middle Affordable Housing Grant. The grants will help offset development charges for ADUs and cover the upfront costs of developing affordable housing units.

The City of Kitchener is collecting feedback on its official plan. You can read the draft and submit feedback until December 12. 

The City of Waterloo has added an additional month of review time to accommodate a review of Bill 60, as requested by the Waterloo Region Home Builders’ Association and Cornerstone. Cornerstone also expressed the challenges that continuing development charges would have on further supply. 

Build NOW and the Future Cities Institute will be hosting a panel on January 9 at the University of Waterloo to discuss Canada’s largest affordable homeownership initiative.