Economy

List of housing measures proposed by Ontario government

List of housing measures proposed by Ontario government

Wynne said the Liberals were not interested in controlling the market.

"When young people can't afford their own apartment or can't imagine ever owning their own home, we know we have a problem", she said.

Josh Gordon, an assistant professor at Simon Fraser University who studies the housing markets in Ontario and British Columbia, said one way to tax "non-resident speculation" would be to levy a foreign buyers tax but refund or offset it according to income tax paid in the province.

"We want to make sure that whoever is speculating is in fact paying their fair share", he said Wednesday. Holliday says many communities helped build Toronto's economy, but they're suffering now and the Premier ignores them.

Spokespeople for both Morneau and Sousa said they expect the discussion to be productive and look forward to exchanging ideas. "We quickly discovered the pre-build market is very heated, too", he said.

"The realtors themselves have asked for a little more transparency and determination as to how operations are", he said.

"We don't allow a person to buy five or 10", he said.

"Today's announcement by the Wynne government will put thousands of units, and millions of dollars in provincial revenues at risk", said Jim Murphy, president and CEO of the Federation of Rental-housing Providers of Ontario, in a statement.

"Essentially in Canada, we've got low property tax rates especially in our expensive cities, but high income and sales taxes", says Davidoff, who says that makes for expensive homes and low take-home pay.

The City of Toronto and the federal government are also mulling over options to cool the housing market.

This comes as policymakers complained that Canadian data on real estate transactions is lacking compared to other jurisdictions.

"It's a great start", she said, but called rent control only "one piece of the pie". "Maybe, but I didn't have that crystal ball and so we made a decision then and what we're trying to do now is make sure we bring in a robust enough package that we have some checks and balances within it".

- A program to leverage the value of surplus provincial land assets across the province to develop a mix of market-price housing and affordable housing. As of Monday, however, homebuyers are required to give information about their residency and citizenship status and how they intend to use the property. The proposed tax would apply to transfers of land that contain at least one and not more than six single-family residences, including semi-detached homes, townhomes and condos.

A rebate would be available for those who later become citizens or permanent residents, as a well as foreign nationals working in Ontario and global students.


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