Ontario's New Measures To Cool Our Scorching Hot Real Estate Market
Friday May 12th, 2017
- Currently, buildings built before 1991 were exempt from rental increase guidelines. Ontario plans to expand rent control to all private rental units, including new condos
- Standardized leases and other changes to the Residential Tenancies Act
- Multi-residential apartment buildings will be taxed at similar rates to other residential properties
- More funding to encourage construction of new rental apartment buildings
Foreign Buyers & Real Estate Speculators
- 15% foreign buyer tax. Some non-residents may be eligible for a credit; e.g. moving for employment purposes.
- Canada Revenue Agency requires anyone who sold their home after January 1, 2016 to report the sale. Primary residences will still be exempt from capital gains taxes.
- Assignment sales will be closely scrutinized, also known as 'paper flipping'
- Potential vacancy taxes to discourage 'property holding'