Welcome guest.  ( Sign in )

Next Week Ontario will take Steps to deal with the rising house prices.

November 11, 2016

Ontario will outline plans next week to deal with rising home prices

 
 
 

Ontario will take steps next week to deal with rising house prices in the Toronto area, but it will not follow British Columbia's lead and impose a tax on foreign buyers.

Finance Minister Charles Sousa said Tuesday that "something must be done'' to deal with soaring home prices in Toronto, especially for first-time buyers who find it near impossible to save a big enough down payment to enter the market.

"We recognize that more has to be done in order to enable those in the Greater Toronto Area and Greater Golden Horseshoe to accommodate some of the rising price points of homes, and we know that it's becoming more difficult for first-time homebuyers, so we're looking at ways to address it,'' he said.

Sousa told the Canadian Club Toronto he needs more data on the impact of B.C.'s foreign buyer's tax in Vancouver and more information on the Toronto market, and doesn't want to do anything that would adversely affect neighbouring real estate markets.

"The market mix is different than it is in British Columbia, so we want to take the appropriate steps to address the matter without then negatively impacting other regions around the GTA,'' he said. ``We have to determine what the degree of foreign investment is, what degree of vacancies are occurring, to what degree there is speculation going on and flipping of properties.''

Home sales in Vancouver began to dip before the 15 per cent tax on foreign buyers was implemented in August, but those declines have accelerated since, plunging nearly 39 per cent last month compared with October 2015.

In the Greater Toronto Area, a record 9,768 properties were sold last month up 11.5 per cent year-over-year even as prices jumped 21 per cent from the same month in 2015.

Sousa will outline Ontario's plan to address housing affordability in next week's fall economic statement, but he wouldn't say if he plans to offer tax breaks to first-time buyers or take measures to help lower prices.

"We want to make certain that we're providing the appropriate supports,'' he said.

The Ontario Real Estate Association wants the government to exempt first-time buyers from the land transfer tax, which rises from half-a-per cent on the first $55,000 of a purchase price to two per cent for everything above $400,000.

The city of Toronto also imposes a land transfer tax of its own, of one per cent on the first $55,000 and two per cent on the rest of the sale price.

"Expanding that first-time homebuyers' tax credit would really help, especially in the GTA,'' said OREA CEO Tim Hudak.

Sousa also announced that the Liberal government would soon introduce legislation to establish a Financial Services Regulatory Authority that will ``modernize and strengthen'' regulations, with more of a consumer focus. He said the mandates of the Financial Services Commission of Ontario, the Financial Service Tribunal and the Deposit Insurance Corporation of Ontario were "outdated.''

Further details of the new regulator will be revealed when the economic statement is delivered Monday, he said

 

Visit us at Durham Bungalows.ca!


Tagged with: house rising pricing
| | Share

History of Remembrance Day

Originally posted on: November 10, 2017
Last updated on: November 10, 2017
Filed under: remembrance day
Remembrance Day The national day to remember those who died in military service is observed across Canada each year on 11 November – t ...

New Mortgage Stress Test Rules

Originally posted on: October 18, 2017
Filed under: mortgage stress test
News Release For Immediate Release OTTAWA - October 17, 2017 - Office of the Superintendent of Financial Institutions Canada Today t ...

Google Makes Huge investment in Toronto

Originally posted on: October 18, 2017
Last updated on: October 18, 2017
Filed under: google investment investing toronto
Google's Sidewalk Labs signs deal for 'smart city' makeover of Toronto's waterfront The partnership between a U.S. urba ...

Happy Thanksgiving!

Originally posted on: October 6, 2017
Last updated on: October 6, 2017
Filed under: thanksgiving

The Difference between Mortgage Investment Corporations and Individual Mortgage investments.

Originally posted on: September 28, 2017
Last updated on: September 28, 2017
Filed under: mortgage mortgage investments investments
This is a great article if you are an investor or have been looking into investing. If you would like to speak with us regarding the article ...


Durham Bungalows
Brokerage
Independently owned and operated.

420 Green Street #105
Whitby, ON L1N 8R1


Phone: 1-905-995-0460
Powered by Lone Wolf Real Estate Technologies (CMS6)