Ontario’s Fair Housing Plan

Premier Wynne announces sweeping new measures to cool Toronto's real estate market.

Ontario’s Fair Housing Plan

Below is a quick list of what is a part of the Ontario Government’s Fair Housing Plan:

  • A 15% tax on home purchases by non-resident foreigners in Toronto and the Greater Golden Horseshoe;
  • A move to expand rent control to ALL private rental units in Ontario, including those built after 1991, which are currently excluded;
  • A rebate of development cost charges to encourage building of more rental housing;
  • A standardized lease document for all tenants;
  • A plan to look at practices that may be contributing to tax avoidance and excessive speculation in the housing market;
  • New powers for Toronto and other municipalities to impose a vacant unit tax;
  • A move to identify provincially owned surplus land that could be used affordable and rental housing development;
  • $125M 5-year program to encourage purpose-built rental apartment buildings; and
  • A review of rules, real estate agents are required to follow to ensure consumers are fairly represented.

Please read the full article at CBC by clicking here.

Click here for another article by The Globe and Mail.

Click here for the Ontario Government’s press release for today’s announcement.

Ian Mehisto
Ian Mehisto
imehisto@trebnet.com

As an award winning REALTOR, Ian brings a passion for the industry that enables him to provide his clients with an exceptional level of client care from start to close in every transaction. His straightforward, honest approach, professionalism and knowledge of the marketplace are a true asset to your real estate transaction.