World News

Ontario housing package to cool GTA market coming today

Ontario housing package to cool GTA market coming today

Sydney, Singapore and Hong Kong have also introduced foreign buyers taxes. "I think they're already having an effect".

The Ontario government is unveiling a suite of calming measures to address soaring housing prices in the red hot Greater Toronto Area market on Thursday.

At an April 18 meeting, the federal, Ontario and Toronto governments agreed to dial down on policies that stimulate sales, meaning Ottawa and Queen's Park will not expand tax credits or limits on RRSP deductions new home buyers can make for down payments.

Home prices in the Toronto region rose 6.2 percent in March, the biggest one-month gain on record, according to a benchmark price index by the Canadian Real Estate Association, and jumped nearly 30 percent in the past 12 months.

This week, Bank of Montreal chief economist Doug Porter said there is no question the Vancouver tax is affecting the Victoria real estate market.

Allow Toronto and other municipalities to introduce a vacant homes property tax. "Therefore, any moderation in prices linked to the tax in the Toronto area is likely to take longer to materialize than Vancouver, where the effect was nearly instantaneous".

"But we do believe there is a need for interventions right now in order to calm what's going on", she said.

"RBC's affordability data strongly indicate that the Toronto area market is in a high-risk zone", the report said.

That's why they're talking about imposing everything from a foreign buyers' tax, to a speculators' tax, to a tax on vacant real estate to "solve" Toronto's housing crisis.

Tal took issue with the province's plans to expand rent control, which now applies only to units built before November 1991, to all private rental units.

The news release continued to state that FHP lists a set of 16 comprehensive measures, which in addition, to stabilising real estate market in enabling more people find an affordable place, would also protect interests of renters and the investment of homeowners.

"We're targeting those are who aren't looking to raise a family".

Use surplus provincial land assets across the province to develop new and affordable housing.

"Most of those projects are now on hold pending a review of this announcement and many of them will be cancelled and not proceed", he said.

The plan, tabled by the Liberals and Premier Kathleen Wynne, contains a series of 16 measures created to "help more people find an affordable place to call home, while bringing stability to the real estate market and protecting the investment of homeowners", according to a government release.

It will also introduce a C$125mn ($93mn) five-year programme to encourage construction of new apartments.

One of the outcomes of the much ballyhooed housing summit earlier this week between Sousa, his federal counterpart Bill Morneau and Toronto mayor John Tory was a commitment to "sharing relevant data more regularly between governments to enhance understanding", a move that seems comically late after prices in the region have surged double-digits over the past few months. These new measures include developing a standard lease and tightening regulations around landlords evicting tenants for their own use.

Harris also wondered whether the long-term impact of rent control might serve to make the rental market tighter.

In May 2016, the B.C. government put in place new rules that require real estate agents to draft offers that require the seller's consent to a contract transfer, and any resulting profit to be returned to the seller.

- Provisions that would require municipalities to consider the appropriate range of unit sizes in higher density residential buildings to accommodate a diverse range of household sizes and incomes, among other things.


  • Marlins' Chen, Ziegler no-hitting Mariners through 8 innings

    The Seattle Mariners will honour Ichiro Suzuki with a unique collectable during the series finale against the Miami Marlins . Share with Us - We'd love to hear eyewitness accounts, the history behind an article, and smart, constructive criticism.

    Despite massive spending, Dems fail to take US House seat in Georgia

    White House spokesman Sean Spicer said Trump would campaign in Georgia for Handel "if needed" but dismissed the race as overhyped. The victor replaces Republican Tom Price , who stepped down to serve as Mr Trump's Secretary of Health and Human Services.

    Boston Bruins Lines and Pairings Against Ottawa Senators Game 3

    Ottawa Senators right wing Bobby Ryan beats Boston Bruins goalie Tuukka Rask for the game-winning goal during overtime in Game 3. Skating in alone against Rask, Hoffman bested the Bruins netminder with a quick set of dangles to make it a 1-0 game.
  • New Xiaomi Mi 6 marks focus shift

    The phone is so powerful, if each of the components were cut in half, the two halves could each make an individual phone. The Adreno 540 GPU contributes to a 25 percent performance improvement, and supports the latest Vulkan graphics API.

    'Referee Had A Bad Game', Bayern Rages After Loss To Real Madrid

    Even Gerard Piqué wanted to speak about the game and the referee and he tweeted the following from his Twitter account. The hat trick made him the first player to score 100 Champions League goals.
  • Ahmadinejad: "Iran has Nothing to Fear From US"

    Ahmadinejad said his decision to run was meant to help former Vice-President Hamid Baghaei, a close confidant. Rouhani, backed by Iranian reformers, has high chances to become a frontrunner in the presidential race.

    Barcelona and Real Madrid Regain Their Strength

    Lucas fired over in trying to emulate Isco's earlier heroics but Madrid could not turn sustained pressure into a half-time lead. Yannick Carrasco and Thomas Partey both saw penalties saved in the dying embers of Saturday's routine 3-0 win over Osasuna .

    Who will replace Serena Williams as the WTA Tour ruler?

    The Reddit post was of an drawing of Serena wearing her tennis gear and Alexis on one knee proposing, with the words "Future Mrs. There is recent precedent for tennis players to return to action after becoming mothers.
  • UN strongly condemns North Korean missile launch after delay

    Security Council on Thursday unanimously adopted a statement condemning North Korea's latest missile launch. It was the fifth time the council has adopted a press statement on North Korea.

    Diet fizzy drinks linked to dementia and stroke

    However, people who consumed one to six diet sodas daily were 2.6 time more likely to experience an ischemic stroke . Pase's team followed the participants for 10 years, to see who had a stroke or developed dementia . "The FDA [U.S.

    Trump congratulates Turkish president on win as State Department questions vote results

    Foreign Minister Mevlut Cavusoglu said that Erdogan and Trump would meet in person next month, before a North Atlantic Treaty Organisation summit.