Finance

Ontario mulls non-resident speculation tax

Ontario mulls non-resident speculation tax

Moments after introducing a package of measures created to cool the GTA's red-hot housing market, Premier Kathleen Wynne conceded she's open to doing more if her plan doesn't work.

The number of sales in Metro Vancouver plunged in the months after the new tax, though there are signs that the market may be bouncing back.

The region's housing market has seen prices jump more than 33% over a year, with the average detached house selling for $1.21-million dollars.

"I think the public is concerned about speculation and speculators crowding out families that want to own a home", he added in an interview.

"We're going to continue to pay close attention to what happens in the housing market", she said.

"We sure think there's a need for more information".

Tal took issue with the province's plans to expand rent control, which now applies only to units built before November 1991, to all private rental units. Annual rent increase for an existing tenant can be no higher than the rate of inflation.

The plan states it will prohibit above-guideline increases where elevator work orders have not been completed and make technical changes at the Landlord-Tenant Board to make the process fairer and easier for renters and landlords.

That's the new limit on how much rent the average Toronto unit can rise per year.

It's a situation that could see Morneau, Ontario Finance Minister Charles Sousa and Tory turn to other more quantifiable levers to cool the Toronto real estate market.

Further, the approach to lowering Toronto's housing prices attempts to solve numerous issues without considering whether government measures, such as restrictive zoning or current rent controls, have contributed to these woes in the first place.

Germany's Merkel encouraged USA will consider European Union free trade deal
Last year, American exports to the bloc were worth $270 billion dollars compared to $55b worth of goods exported to the UK. During a trip to America in January, Johnson declared Britain will be "first in line" to strike a deal with the US.

The Canadian Real Estate Association said Tuesday home sales over its Multiple Listings Service system increased by 1.1 per cent in March to top the previous monthly record set in April 2016.

Neither of Ontario's opposition parties objected to any of the government's proposed measures.

The most recent possibility floated by the Ontario government is a "non-resident speculation tax", but the province hasn't yet said how exactly that tax would work. Progressive Conservative Housing Critic Ernie Hardeman said the measures are moving "in the right direction".

Ontario Premier Kathleen Wynne made the announcement Thursday in an effort to cool a hot housing market in Toronto.

These measures include introducing a 15 per cent Non-Resident Speculation Tax (NRST) on non-Canadian citizens, non-permanent residents and non-Canadian corporations buying residential properties containing one to six units in the Greater Golden Horseshoe (GGH).

The 24-year-old has been anxious about rent increases since she started hearing reports of them in her condo building this year.

A standardized lease document for all tenants.

- Tax vacant homes to push owners to sell unoccupied units or rent them out.

- Align property tax for new multi-residential apartment buildings with other residential properties.

It will also introduce a C$125mn ($93mn) five-year programme to encourage construction of new apartments.

- Municipalities could be allowed flexibility to use property tax as a policy tool to influence development. While the Fair Housing Plan's creation of a new Housing Supply Team aims to identify and overcome obstacles pertaining to specific projects, specifics of how this would apply to the development industry remain unclear in the Province's newly-released documents.


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