Ontario, Canada brings in foreign housing tax to cool market

Ontario, Canada brings in foreign housing tax to cool market

Premier Kathleen Wynne announced more than a dozen new initiatives aimed at reining in prices that have soared out of reach for many homebuyers, including a 15 per cent tax on non-resident speculators in the Greater Golden Horseshoe, a fast-growing region that stretches from the Niagara Region to Peterborough, Ont.

One economist, Jimmy Jean of Desjardins Capital Markets, said a tax on foreign buyers in Ontario could prompt nonresident investors to move elsewhere - such as markets in Montreal and Calgary. The Federation of Rental-housing Providers of Ontario (FRPO) said it's disappointed and concerned with the proposed changes because they were made "without formal consultation" with the industry responsible for rental housing.

The Ontario government is unveiling a suite of calming measures to address soaring housing prices in the red hot Greater Toronto Area market on Thursday.

The housing plan also includes change at the Landlord-Tenant Board which will make the process "fairer and easier". Wynne says when the market jumps 33 percent in a year they know there's a problem. "In the coming days, we will announce a suite of measures created to increase supply and address demand, making housing more affordable for people across Ontario".

Wynne said the province would expand rent controls to all private rental units, including those built after 1991 which are exempted under current rules. Rent control will be imposed on buildings constructed after 1991 - effective April 20 - which limits annual increases.

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LeForce was found in an outbuilding near Guthrie, where he surrendered to authorities, Oklahoma Highway Patrol spokesman Lt. The vehicle was spotted later Tuesday morning, but the suspect has yet to be taken into custody.

Ontario's average vacancy rate dropped to 2.1 per cent in the fall of 2016, from 2.4 per cent in 2015, the lowest vacancy rate since October 2003; in Toronto, the vacancy rate was 1.3 per cent, the lowest in 12 years.

The two finance ministers and Toronto Mayor John Tory will meet Tuesday to discuss house affordability in the region.

"My goal as Mayor is to ensure housing is affordable in Toronto for all age groups and for all income levels", Tory said in a statement Thursday.

In the end, it may be voter anger that drives Sousa to act first, with the provincial Liberal government suffering in opinion polls and measures to address "affordability" already promised in his April 27 budget.

There will be a new five-year $125-million program to encourage the construction of new r‎ental apartments by rebating builders a chunk of development charges.

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Congresswoman Stefanik recently reintroduced her legislation, the Support Our Military Caregivers Act, to reform the U.S. Under the bill, the VA will be allowed to operate its Choice program until the funding runs out.

Last year, the Clark government in B.C. put in place new rules that require real estate agents to draft offers that require the seller's consent to a contract transfer, and any resulting profit to be returned to the seller.

- More flexibility for municipalities when it comes to using property tax tools to encourage development.

- An effort to understand and tackle practices that may be contributing to tax avoidance and excessive speculation in the housing market.

Toronto's surging real-estate market has triggered debate over whether non-Canadian speculators are bidding up homes and fueling unsustainable record price gains, or if a lack of housing supply and inadequate urban planning is more to blame.

- Set timelines for elevator repairs to be established in consultation with the sector and the Technical Standards & Safety Authority. Others, however, believe the figure was much higher.

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The company attributed that to people buying a limited edition version of the game to collect and another to play on the console. Zelda fans purchased more than 925,000 copies of the game on the Switch, as well as almost 460,000 copies for the Wii U.

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