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giftedviz.com April 23, 2017


Ontario housing package to cool GTA market coming today

21 April 2017, 02:38 | Austin Hogan

"They should be able to rent or enter the real estate market without making great sacrifices or taking on a huge amount of risk", Ms. Wynne's office said in a statement. "When young people can not afford their own apartment or can not imagine owning their own home, we know we have a problem. and we know we have to act".

The solution from Vancouver, on the west coast, was to impose a foreign buyer tax.

"The issue we're facing on housing affordability affects nearly everyone - those with lower incomes being priced out of the city and forced to commute hours every day to work, middle income earners struggling to afford rent and young couples looking to start a family and looking to acquire their first home and feeling an increasing sense of impossibility", he said.

- A 15-per-cent non-resident speculation tax to be imposed on buyers in the Greater Golden Horseshoe area who are not citizens, permanent residents or Canadian corporations.

Currently, only rental units before November 1991 have been subject to rent control, which limits how much landlords can increase rent from year to year. The issue was highlighted in a CBC Toronto series of stories called "No Fixed Address".

Once legislation passes, it will be effective retroactively to April 21.

Expanding the province's existing rent control system to cover all tenants. Rent increases will be capped at 2.5 per cent, even if the rate of inflation is higher.

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

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A ban on flipping of pre-construction units by speculators.

A rapid acceleration in home prices in Toronto had prompted some economists to voice fears that the real estate market in Canada's most populous city is in a bubble and raised concerns about the ability of first-time buyers to afford a home. A government backgrounder on the measures announced today specifically mentions the practice of double-ending, when one agent represents more than one party in a transaction.

The cost of a detached home in Toronto roared to a new record high of nearly $1.6 million in March, a 33 per cent climb over prices past year, according to the Toronto Real Estate Board (TREB).

"The ways you can fix the housing markets in Toronto and Vancouver are pretty similar".

Speaking before the provincial announcements, leading agency, Royal LePage tells OPP.Today that whatever happens, all indications are that home prices will continue to rise this year.

"We are not interested in controlling the market", said Wynne. "That is not the aim".

"We need to put mitigations in this system", the treasurer said in Toronto where he announced an investment of nearly $190 million over three years to support the "Career Kick-Start Strategy".

Wynne said she would not rule out other measures if she sees the need. Here are five potential measures the province could bring forward to tackle housing affordability. Holliday says housing in Toronto hasn't caught up to the influx of people but he adds Toronto is about the only city enjoying this rebound.



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