South forest hill residences.Ontario, Canada once again to improve real estate. Ontario, Canada’s largest province in terms of population and economy, has announced the implementation of a series of measures such as another increase in the “foreign buyer tax” to solve the problem of housing affordability.Please Visit: South forest hill residences to Get Your VVIP Registration Today!
The provincial government announced on the evening of October 24 that it would increase the non-resident speculative tax rate, commonly known as the real estate “foreign buyer tax”, from 20% to 25% from the 25th, in order to further curb the speculative activities of non-resident investors in the province’s real estate market. This tax rate is the highest in Canada.
At the end of March this year, the province raised the “foreign buyer tax” from 15% to 20%, and expanded the coverage of the tax from the Greater Toronto area and other places to the province.
Ontario has introduced a “foreign buyer tax” since 2017. In addition, British Columbia, where Vancouver is located, has imposed a 20% “foreign buyer tax” in many of its densely populated areas.
The provincial government further announced on the 25th that it had proposed a bill to take effect in the summer of 2023 to promote the acceleration of housing construction in various localities. One of the main measures is to allow the construction of up to three residential units on a residential land without the need for amendments to municipal regulations.
The bill also plans to set a target of building 1.5 million new homes in the province over the next 10 years. The provincial government plans to allocate housing targets to major cities, such as 285000 in Toronto and 161000 in Ottawa.
At the same time, the Ontario government plans to streamline the approval process for small housing projects, reduce some taxes on affordable housing, and encourage the construction of more affordable housing and rental housing. The province will also discuss expanding the areas for levying housing vacancy tax.
The Toronto Real Estate Board welcomed the Ontario government’s plan to speed up the creation of more housing supply.
Ontario expects the province to increase its population by more than 2 million over the next 10 years, about 70 per cent of which will be in the so-called “Great Golden Horseshoe area” in the south of the province, centered around the Greater Toronto area.