Ontario is making house purchases easy – here is how
The Ontario government announced new legislation targeting rising housing prices, availability, and more.
“Ontario is the best place to live, start a business and raise a family, but we can only build on our success if all hardworking Ontarians and their families can find the home they need and want,” said Premier Doug Ford.
“As Ontario’s population and our economy continue to grow, building more homes is another way to keep costs down for families across the province.”
The More Homes for Everyone Act will address Ontario’s housing crisis in multiple ways, including increasing the non-resident speculation tax rate to 20%. Effective March 30, the tax will apply to any homes bought in the province, not just the Greater Golden Horseshoe.
The construction of community housing and making it less challenging is another issue the government will be targeting.
“To preserve the existing stock of community housing and modernize the system for those who depend on it, the government has established a new regulatory framework under the Community Housing Renewal Strategy. It encourages housing providers to stay in the system and help vulnerable Ontarians get back on their feet”, read the release.
On top of this, the government is also looking at doubling fines and extending building license suspensions when developers showcase unethical conduct when building new homes. This includes penalties for canceled projects and more. They will also work with municipalities to crack down on land speculation and work to protect home buyers.
“Our government is cracking down on bad actors and defending future homeowners from unethical and egregious practices, ensuring developers looking to make a quick buck will think twice before trying to take advantage of hard-working Ontarians,” said Ross Romano, Minister of Government and Consumer Services.
