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The Ontario government has passed its Budget Measures Act which brings in new laws to tackle housing affordability.
The measures include a 15 per cent non-resident speculation tax targeting certain foreign buyers in the Greater Golden Horseshoe, including corporations and trusts.
The tax applies to all residential properties bought in the region from April 21 2017 but there will be rebates for those who become permanent Canadian residents within 4 years of purchase, who work in Ontario for a continuous 12 month period following purchase, and for foreign students subject to conditions.
“Our government is working to make life more affordable for everyone in Ontario,” commented Charles Sousa, Ontario’s finance minister, following the passing of the act Thursday. “This legislation will help to both address the recent price increases in our housing market.”
The lawmakers also passed legislation to reduce the cost of public transit for seniors.
TORONTO – The Ontario government has announced what it calls a comprehensive housing package aimed at cooling a red-hot real estate market. Here are the 16 proposed measures:
— A 15-per-cent non-resident speculation tax to be imposed on buyers in the Greater Golden Horseshoe area who are not citizens, permanent residents or Canadian corporations.
— Expanded rent control that will apply to all private rental units in Ontario, including those built after 1991, which are currently excluded.
— Updates to the Residential Tenancies Act to include a standard lease agreement, tighter provisions for “landlord’s own use” evictions, and technical changes to the Landlord-Tenant Board meant to make the process fairer, as well as other changes.
— A program to leverage the value of surplus provincial land assets across the province to develop a mix of market-price housing and affordable housing.
— Legislation that would allow Toronto and possibly other municipalities to introduce a vacant homes property tax in an effort to encourage property owners to sell unoccupied units or rent them out.
— A plan to ensure property tax for new apartment buildings is charged at a similar rate as other residential properties.
— A five-year, $125-million program aimed at encouraging the construction of new rental apartment buildings by rebating a portion of development charges.
— More flexibility for municipalities when it comes to using property tax tools to encourage development.
— The creation of a new Housing Supply Team with dedicated provincial employees to identify barriers to specific housing development projects and work with developers and municipalities to find solutions.
— An effort to understand and tackle practices that may be contributing to tax avoidance and excessive speculation in the housing market.
— A review of the rules real estate agents are required to follow to ensure that consumers are fairly represented in real estate transactions.
— The launch of a housing advisory group which will meet quarterly to provide the government with ongoing advice about the state of the housing market and discuss the impact of the measures and any additional steps that are needed.
— Education for consumers on their rights, particularly on the issue of one real estate professional representing more than one party in a real estate transaction.
— A partnership with the Canada Revenue Agency to explore more comprehensive reporting requirements so that correct federal and provincial taxes, including income and sales taxes, are paid on purchases and sales of real estate in Ontario.
— Set timelines for elevator repairs to be established in consultation with the sector and the Technical Standards & Safety Authority.
— Provisions that would require municipalities to consider the appropriate range of unit sizes in higher density residential buildings to accommodate a diverse range of household sizes and incomes, among other things.
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Banking head speaks out on Toronto real estate marketHomeBusiness News
by Bloomberg04 Apr 2017
By Doug Alexander
Governments may have to impose more measures to cool Toronto’s housing market if prices remain “overheated” after the spring buying season, said Bank of Nova Scotia’s Canadian banking head James O’Sullivan.
Toronto is the housing market of most concern in the country, with unsustainable and unhealthy price increases, O’Sullivan told reporters Tuesday after Scotiabank’s annual meeting in Toronto. He’d like to see how home sales in Canada’s most-populous metropolitan area play out between April and June before pushing for further measures.
“If at the end of that spring market Toronto still has higher volumes, strong double-digit price increases, then we think it’ll clearly be time for further action -- and we will be supportive of that action,” O’Sullivan said. “If it remains overheated, it’s time for action.”
Measures such as a speculation tax or foreign-buyers levy, such as the one British Columbia imposed last year to cool Vancouver’s housing market, should both be “on the table,” O’Sullivan said, adding that mortgage market changes by federal and provincial governments in the last couple of years have removed risks in the housing market.
Still, Toronto remains an issue: the city has seen prices up 24 percent from a year ago, sparking calls by economists at Bank of Montreal and elsewhere that the city is in a housing “ bubble.”
“Double-digit price increases are not sustainable and they’re not healthy, and this market has been going straight up for a very long time,” O’Sullivan said. “So it’s going to come to an end at some point, and it’s a question of how it ends.”
O’Sullivan said he wants a smooth correction and a soft landing, which would argue for action sooner rather than later.
“It’s in the best interest of everyone that we have a soft landing rather than a hard landing,” he said.
CONGRATULATIONS!!! to my 1st time Buyer on the closing of his beautiful high-rise condo...looking forward to seeing it decorated to your style!! Exciting time in your life, really happy for you :)
CONGRATULATIONS!!!! to my Buyer Clients on the closing of their new home today! HAPPY moving and looking forward to the party!!