A week ago the government of Ontario announced a new “comprehensive package of measures” to cool off the hot real estate market in the GTA, work on increasing housing supply and help protect renters against unfair rent increases.
Here is a brief summary of what the Ontario’s Fair Housing Plan includes:
- Introduce a 15% Non-Resident Speculation Tax (NRST) on the price of homes in the Greater Golden Horseshoe, if purchased by individuals who are not citizens or permanent residents of Canada or by foreign corporations.
- Expand rent control to all private rental unit, even if build after 1991. Meaning the annual rent increase is a caped at 2.5%.
- Establish timelines for elevator repair, as more and more residential high-rise buildings are being constructed, making elevators more reliable is a must.
- Crack down on unfair and unethical real estate practices like “paper flipping” or “double ending”, ensuring that Ontario is leader in real estate standards.
- Ensuring property tax for new multi-residential apartment buildings is charged at a similar rate as other residential properties.
- Allow municipalities to introduce a Vacant Homes Property Tax to encourage property owners to either sell or rent.
Looking to sell your home? Or buy a first time home, or move up, or downsize? Let Lori VanDinther, RE/MAX Sales Representative guide you through the process and help you make the right moves. With over 23+ years of successfully selling real estate in Burlington/Hamilton area, Lori has the experience and market knowledge. Contact Lori today.