festival condos prices。House prices have risen by 20% in half a year. Ontario Governor Wayne and Ontario Finance Minister Su Shanmin jointly announced Ontario’s new policy to regulate the housing market.Please Visit: festival condos prices to Get Your VVIP Registration Today!
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.
In response to a reporter’s question, Wayne said, “the Ontario government is not trying to control the real estate market, but to crack down on real speculators in the housing market.”
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. 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 Big Golden Horseshoe area with GTA (Greater Toronto District, Greater Toronto Area) as the core: Waterloo (Waterloo) in the west, Peterborough (Petersburg) in the east, Barrie (in the north) and Niagara Peninsula in the south to the border between Canada and the United States.
However, those who become permanent residents 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.