Thursday morning, Ontario Premier Kathleen Wynne announced more information regarding the efforts to cool the housing market in Southern Ontario.
In the interest of keeping you up-to-date on what’s happening in today’s “interesting” real estate market, I wanted to take some time to speak to you, my valued clients, to educate you on the new realities, and to welcome any positive effects this announcement may bring.
For a full list of details about the Fair Housing plan CLICK HERE, however some of the key details to be aware of include:
- 15 per cent tax on property purchases by foreign buyers. This tax is aimed at targeting speculators and excludes foreigners who buy properties to live in while working or studying in Ontario.
- The existing rent control system will expand to cover all tenants with rent increases capped based on the inflation rate.
- Other measures include a rebate of development cost charges to encourage building of more rental housing, a standardized lease document and regulations on flipping pre-construction units.
Whether it’s on a billboard, a bus or you hear it on the radio, the “Re/Max: We Know Real Estate” message is truer than ever, and now is the time when I aim to prove that to you. I encourage you to take the time to understand the changes that are in place, how they may or may not affect you, and always feel free to contact me with any questions that you might have regarding this new Fair Housing Plan, and/or any of your real estate questions.
You can reach me directly by calling: 705-750-5577
You can also reach me by email here: firstname.lastname@example.org
I hope to hear from you soon.