The provincial government is pushing back against a recent Ontario Energy Board decision that will likely add thousands of dollars to the cost of building new homes.
Minister of Energy Todd Smith released a statement on Friday expressing disappointment over the energy board’s recent split decision to reduce the amortization period for the cost of installing new natural gas connections for homes. He said costs that are normally paid over a 40-year period would be owed in full upfront.
“At a time when Ontario, like the rest of Canada, is already dealing with the difficult headwinds of high-interest rates and inflationary pressures, the Ontario Energy Board’s decisions would slow or halt the construction of new homes, including affordable housing,” Smith said in his statement. “We will not stand for this.”
In response, Smith said the Ontario government will introduce legislation at the earliest opportunity that, if passed, would reverse the board’s decision to “protect future homebuyers and keep shovels in the ground.”
A timeline as to when the legislation will be introduced has not been announced.
