grand festival condos.House prices have risen by 20% in half a year. These include levying a 15% non-resident home purchase tax, banning speculation in uncompleted flats, encouraging developers to build rental housing, and strictly reviewing the professional norms of real estate agents. The new policy will come into effect on April 21, local time.Please Visit: grand festival condos to Get Your VVIP Registration Today!
One of the most important elements of the new deal is that Ontario will impose an additional 15 per cent transfer tax on home payments for home buyers who are not Canadian nationals or permanent residents and who do not live in Ontario homes, formally known as the “non-resident speculative tax” NRST (Non-Resident Speculation Tax). This policy is based on the overseas buyers’ tax introduced by Vancouver, British Columbia last year, which is mainly aimed at non-resident buyers who buy houses that do not live and are purely speculative.
Wayne stressed that Ontario still welcomes overseas friends who like Canada to live and work in peace and contentment, but does not encourage speculation that cannot be bought. The scope of implementation is the so-called Great Golden Horseshoe area (Greater Golden Horseshoe) with GTA (Greater Toronto District, Greater Toronto Area) as its core: Waterloo in the west (Waterloo), Petersburg in the east (Peterborough), Barrie in the north, and the Niagara Peninsula (Niagara Peninsula) in the south to the Canadian-US border.
However, those who become permanent residents (permanent resident) within four years after buying a house have become full-time students for two years or more; for those who have worked legally for one year or more, the provincial government will refund the taxes and fees sold.
As for the determination of identity, Ontario stipulates that starting from April 24, home buyers in Ontario must fill in details such as their citizenship or resident status on their land registration documents, and may be punished if there is any lack of information.
The new rules apply to any buyer who buys land with up to six separate houses or farmland. Buyers must fill in their resident status, whether they are citizens or permanent residents. If the buyer is a company, it must provide the identity of the owner or actual shareholder of the company. The new rules also require the trustee or nominee of the buyer to disclose the information of the actual beneficiary owner. Buyers must also declare whether they or their family members intend to live here, as their own housing, will be used for rent, the whole house or part of the rent.
All required information will be reported through the online Teranet system, which is used to submit land title documents for registration.
At present, Toronto’s rental market is still a seller’s market, supply exceeds demand, and the vacancy rate is only 0.6%. Since 2005, the Greater Toronto area has added an average of 700 rentable units a year. At the same time, the population of the greater Toronto area has soared by nearly 400000 in the past five years.
The new policy also controls housing rents, stipulating that the rent increase of rental properties cannot be higher than the inflation rate of 1.5%, in order to ensure the supply of rental housing.
In terms of strict inspection of real estate agents, the provincial government focuses on real estate agents with double agents (Dould Ending). “Double Ending” refers to the situation in which a broker represents both the buyer and the seller in a real estate transaction.
In addition, in view of the fact that some investors use a small amount of deposit to obtain multiple units at the price of uncompleted flats, and then sell the property rights to make a profit after the construction of the uncompleted flats, the provincial government will ban pre-sale transfers in order to avoid speculators’ Assignment Flipping of uncompleted flats.
In order to increase the supply of the housing market, the provincial government will also free up more land for the construction of comfortable housing, or for sale or rental. In order to encourage the construction of more rental housing, the provincial government will also refund the development fees charged to developers.
Earlier, Bill Morneau, Canada’s federal treasurer, met with Su Shanmin and Toronto Mayor John Tory. Although there were no immediate measures to crack down on the property market, Su Shanmin said that the Liberal government would introduce measures as soon as April 20 to control the cost of buying and renting houses in the Greater Toronto area. this is a week earlier than the Ontario budget scheduled for April 27.
