Ontario plans to help cool a hot housing market by bringing in a 15% foreign buyer tax, expanding rent control, allowing Toronto to impose a tax on vacant homes and using surplus lands for affordable housing.
A non-resident speculation tax will be imposed on buyers in the Greater Golden Horseshoe who are not citizens, permanent residents or Canadian corporations, announced Premier Kathleen Wynne.
She said,” With this tax, we are targeting people who aren’t looking for a place to raise a family — they’re looking only for a quick profit or a safe place to park their money.”
Once legislation passes, the non-resident speculation tax would be effective retroactively to April 21.
New tenant rules would see all private rental units fall under annual rent increase guidelines. Those have averaged two per cent in the last 10 years and this year it is 1.5 per cent.
The provincial Liberal government’s housing plan contains 16 measures in total.