Ontario Announces Fair Housing Plan
On Thursday April 20th Ontario Premier Kathleen Wynne announced 'Ontario's Fair Housing Plan' aimed at cool the housing market in Southern Ontario. Key details include:
15 per cent tax on property purchases by foreign buyers. This tax is aimed at targeting speculators and excludes foreigners who buy properties to live in while working or studying in Ontario.
The existing rent control system will expand to cover all tenants with rent increases capped based on the inflation rate.
Other measures include a rebate of development cost charges to encourage building of more rental housing, a standardized lease document and regulations on flipping pre-construction units.
Pamela Alexander, CEO RE/MAX Integra, Ontario-Atlantic discusses the impact of Ontario's non-resident's tax and rent controls rulings in the CTV News Clip.
Read full News Release here on our #TeamBB BLOG:http://www.teambb.ca/h…/ontario-announces-fair-housing-plan/