Provincial Government announces new housing measures.

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:

1. Introduce a 15% tax on foreign buyers
2. Expand rent control to units built after 1991.  This is because rents on new properties have been increasing at an alarming pace
3. Increase the housing supply.  If there is more supply, their may be less competition for home purchases.
4. Encourage new rental housing construction.
5. They plan to work with real estate professionals to ensure consumers are fairly treated.
6. 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.