See what the new rules are to calm down the GTA Real Estate Market.
- A 15 per cent tax on home purchases by non-resident foreigners in Toronto and the Greater Golden Horseshoe. Wynne said the tax would not apply to new immigrants who plan to live here, but speculators who will "never set foot in Ontario."
- Expanding the province's existing rent control system to cover all tenants, not just those in buildings built before 1991 under the current rule. CBC Toronto first broke the news when Finance Minister Chris Ballard said the government would move to remove the 1991 rule, an issue that was highlighted in a series of stories called "No Fixed Address." The rent increases must come through approved legislation, but will take effect today, April 20.
- A rebate of development cost charges to encourage building of more rental housing.
- A standardized lease document for all tenants.
- A ban on flipping of pre-construction units by speculators.
- A review of the rules governing the conduct of real estate agents.
- New powers for Toronto and other municipalities to introduce a tax on vacant homes to encourage owners to sell or rent unoccupied units.
- A move to identify provincially owned surplus lands that could be used for affordable and rental housing development. in Toronto the areas identified include the West Don Lands and 27 Grosvenor St. and 26 Grenville St.
- A $125-million, five-year program to encourage the construction of new purpose-built rental apartment buildings by rebating a portion of development charges.
Source.... CBC News