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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.