Ontario’s Liberal government announced, earlier this month, the Ontario’s Fair Housing Plan which will influence the following:
Implement a new 15-per-cent Non-Resident Speculation Tax (NRST) on the price of homes in the Greater Golden Horseshoe (GGH) purchased by individuals who are not citizens or permanent residents of Canada or by foreign corporations.
Expanding rent control to all private rental units in Ontario.
Ensure increases in rental costs can only rise at the rate posted in the annual provincial rent increase guideline.
Establishing a program to leverage the value of surplus provincial land assets across the province
Develop a mix of market housing and new, permanent, sustainable and affordable housing supply.
Provincial government hopes this plan will increase affordability while cooling—or alternatively stabilizing—runaway housing markets