Today, the provincial government announced new measures to try to “cool” the housing market in the GTA and surrounding areas.
The focus of these measures are as follows:
- Introduce a 15% tax on foreign buyers
- Expand rent control to units built after 1991. This is because rents on new properties have been increasing at an alarming pace
- Increase the housing supply. If there is more supply, their may be less competition for home purchases.
- Encourage new rental housing construction.
- They plan to work with real estate professionals to ensure consumers are fairly treated.
- A vacant homes property tax to discourage foreign speculation purchases.
To get more details on these measures, please visit The Government of Ontario press release.