{"id":2638,"date":"2017-04-20T19:15:53","date_gmt":"2017-04-20T23:15:53","guid":{"rendered":"https:\/\/steveroblin.com\/?p=2638"},"modified":"2023-11-28T16:21:12","modified_gmt":"2023-11-28T21:21:12","slug":"ontarios-sweeping-measures-to-help-control-real-estate","status":"publish","type":"post","link":"https:\/\/steveroblin.com\/ontarios-sweeping-measures-to-help-control-real-estate\/","title":{"rendered":"Ontario&#039;s sweeping measures to help control Real Estate"},"content":{"rendered":"<p>Measures introduced today by the Ontario government largely targeted in Toronto will reach Hamilton. &nbsp;What can&nbsp;it mean for you? &nbsp;Contact me anytime to discuss.<\/p>\n<h2>Changes coming: &nbsp;<\/h2>\n<ul>\n<li>&nbsp;A&nbsp;15 per cent tax on home purchases by non-resident foreigners in Toronto and the Greater Golden Horseshoe. Wynne&nbsp;said the tax would&nbsp;not apply to new immigrants who plan to live here, but are instead aimed at speculators who will &#8220;never set foot in Ontario.&#8221;&nbsp;The proposed tax would apply to transfers of land that contain at least one and not more than six single-family residences, including&nbsp;semi-detached homes, townhomes and condos. It would not apply to transfers of other types of land including multi-residential rental apartment buildings, agricultural land or commercial\/industrial land.&nbsp;A&nbsp;rebate would be available for those who later&nbsp;become citizens or permanent residents,&nbsp;as a well as foreign nationals working in Ontario and international students.<\/li>\n<li>A move to expand rent control&nbsp;to all private rental units in Ontario, including those built after 1991, which are currently excluded. &nbsp;Housing Minister Chris Ballard said the government would move to remove the 1991 rule after residents complained of massive rent spikes. The rent controls must come through approved legislation, but&nbsp;will&nbsp;take effect today, April 20. Annual rent increase for an existing tenant&nbsp;can be no higher than the rate of inflation. Rent increases will be&nbsp;capped at&nbsp;2.5 per cent, even if the rate of inflation is higher.&nbsp;<\/li>\n<li>A rebate of development cost charges to encourage building of more rental housing.<\/li>\n<li>A standardized lease document for all tenants.<\/li>\n<li>A plan to look at practices that may be contributing to tax avoidance and excessive speculation in the housing market, such as &#8220;paper flipping&#8221; \u2014&nbsp;a practice that includes entering into a contractual agreement to buy a residential unit and assigning it to another person prior to closing. &nbsp;<\/li>\n<li>New powers for Toronto and other municipalities to introduce a tax on vacant homes to encourage owners to sell or rent unoccupied units.<\/li>\n<\/ul>\n<ul>\n<li>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&nbsp;St. and&nbsp;26 Grenville&nbsp;St.&nbsp;<\/li>\n<li>&nbsp;A&nbsp;$125-million, five-year program to encourage the construction of new purpose-built rental apartment buildings by rebating a portion of development charges.&nbsp;<\/li>\n<li>A review of the rules real estate agents are required to follow to ensure that consumers are fairly represented in real estate transactions. A government backgrounder on the measures announced today specifically mentions the practice of double-ending, when one agent represents more than one party in a transaction.&nbsp;<\/li>\n<\/ul>\n<p><a href=\"https:\/\/steveroblin.com\/hamilton-real-estate-november-2015-another-sales-record\/judymarsaleslogo\/\" rel=\"attachment wp-att-144\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-144\" src=\"https:\/\/steveroblin.com\/wp-content\/uploads\/2011\/01\/judymarsalesLOGO.jpg\" alt=\"\" width=\"228\" height=\"85\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Measures introduced today by the Ontario government largely targeted in Toronto will reach Hamilton. &nbsp;What can&nbsp;it mean for you? &nbsp;Contact me anytime to discuss. Changes coming: &nbsp; &nbsp;A&nbsp;15 per cent tax on home purchases by non-resident foreigners in Toronto and the Greater Golden Horseshoe. Wynne&nbsp;said the tax would&nbsp;not apply to new immigrants who plan to [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":2639,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[4],"tags":[],"class_list":["post-2638","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-posts"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ontario&#039;s sweeping measures to help control Real Estate - Steve Roblin<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/steveroblin.com\/ontarios-sweeping-measures-to-help-control-real-estate\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ontario&#039;s sweeping measures to help control Real Estate - Steve Roblin\" \/>\n<meta property=\"og:description\" content=\"Measures introduced today by the Ontario government largely targeted in Toronto will reach Hamilton. &nbsp;What can&nbsp;it mean for you? &nbsp;Contact me anytime to discuss. Changes coming: &nbsp; &nbsp;A&nbsp;15 per cent tax on home purchases by non-resident foreigners in Toronto and the Greater Golden Horseshoe. 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