Paper Makes Recommendations To Fight GHG Emissions

The Ontario Real Estate Association (OREA) is calling on the provincial government to create a new green home renovation tax credit, introduce on-bill financing (OBF) for building envelope improvements, and develop flood mapping for home flood protection. The recommendations are made in a policy paper, created in partnership with StrategyCorp, and are meant to support homeowners in the fight against greenhouse gas emissions and saving costs on their monthly bills. The paper also proposes a plan to address a climate threat looming over Ontario homeowners from flooding. “Climate change is a major threat to our way of life and the residential housing sector has to do its part to lower emissions and mitigate risks,” says Tim Hudak, CEO of OREA. The paper focuses on envelope improvements, which are one of the best ways to reduce the consumption of natural gas – a major driver of GHG emissions from housing. On-bill financing would enable homeowners to pay for a renovation using the savings on their energy bills. Finally, flooding is cited as the costliest climate event in Canada in terms of damage and impact with respect to insurable losses. To allow Ontarians to make better-informed decisions when buying or selling a home, the government of Ontario should develop a user-friendly system that establishes the flood risk of residential properties across the province to fill in gaps in existing flood mapping.