An Ontario Liberal government would reinstate rent control, create a new tax on vacant homes in urban areas across the province and charge speculators who keep approved housing projects idle – a levy meant to spur them to build.
The party says it would bring in a new vacancy tax: It would charge non-Canadian owners 5 per cent of an empty home’s assessed value, and Canadian owners 2 per cent. The revenue, which the party pegs at $450-million a year, would go toward affordable housing. The platform promises to “prevent rent hikes by reinstating rent control everywhere in Ontario.” The PC government scrapped rent control for buildings built after 2018. The Liberals say they would bring it back for all rental buildings, meaning landlords could only raise rents each year by a small regulated amount.
The party is also promising to build 138,000 “deeply affordable” homes, including supportive housing and homes for Indigenous people. The platform also pledges $100-million a year over the next 10 years to preserve and repair 260,000 units of social and community housing. The platform says these projects would cost $18.6-billion over 10 years. A new provincial corporation would oversee and finance new affordable housing.
Source: Real Estate Daily Report (realestatedailyreport.net)
Tax foreign money used to buy real estate at income tax rates. Ban non-resident ownership. Ban Airbnb. Do ANYTHING about money laundering. Crooks in power ignoring root causes.
Where's the hoarding tax?
globepolitics Del Duca isn't ready to lead , he wants to divide the province based on vaccine status despite the fact covid less and less of an issue , his party always says great things during the campaign than breaks all its promises afterwords
They put it for rent...for a price so high....no one will rent it....
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Del Duca to unveil fully costed platform MondayOntario Liberal Leader Steven Del Duca will unveil his party's fully costed election platform in Toronto on Monday. Meanwhile Ontario is still trying to see Ford's mandste letters from 2018. I would be proud of this dumb leader if he can explain how he will manage the the class size of 20 students without any addiction burden on notations… I will opening vote for him if he can explain his plan in details Mandatory vaccines for kids and teachers.
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Barry Choi: These real estate changes would actually make housing affordableCanada\u0027s politicians could (but won\u0027t) do these 5 things to make housing more affordable Real estate bubble is going to blow up soon. what are these high school economics? The main points of the article are to generate less buyers, thus the price will go down? No No No. You are just making people go further in debt to do so. People crave ownership, and will go the extra miles regardless of your ideas.
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Barry Choi: These real estate changes would actually make housing affordableCanada\u0027s politicians could (but won\u0027t) do these 5 things to make housing more affordable I understand that something should happen but doubling taxes because you own 2 properties ( house and cottage) or increasing cap gains from 50 to 75% . Sorry but no. How about real-estate agents can only recieve commission on what they listed it for not the bidding increase? It’s very clear to me people don’t know how to live within their budget. This has nothing to do with the price of housing. If you don’t make enough money look elsewhere. There are still lots of places in Canada that have everything you could want. Just not In major city’s Stop giving loans out for next to nothing. Increase interest rates to 5-7% and the market will become affordable.
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