Proposed measures to cool off Housing Market In GTA
— A 15 % non-resident speculation tax to be imposed on buyers who are not citizens, permanent residents or Canadian corporations.
— Expanded rent control that will apply to all private rental units in Ontario, including those built after 1991, which are currently excluded.
— A program to leverage the value of surplus provincial land assets across the province to develop a mix of market-price housing and affordable housing.
— Introduce a vacant homes property tax in an effort to encourage property owners to sell unoccupied units or rent them out.
— A plan to ensure property tax for new apartment buildings is charged at a similar rate as other residential properties.
— A five-year, $125-million program aimed at encouraging the construction of new rental apartment buildings by rebating a portion of development charges.
— More flexibility for municipalities when it comes to using property tax tools to encourage development.
— The creation of a new Housing Supply Team to identify barriers to specific housing development projects and work with developers and municipalities to find solutions.
— A review of the rules real estate agents are required to follow to ensure that consumers are fairly represented in real estate transactions.
— A partnership with the CRA to explore more comprehensive reporting requirements so that correct federal and provincial taxes, including income and sales taxes, are paid on purchases and sales of real estate in Ontario.
— Education for consumers on their rights, particularly on the issue of one real estate professional representing more than one party in a real estate transaction.