Ontario’s Ministry of Finance released a statement today outlining its plan to cool the “hot” housing market and enable more people to find affordable housing.
Among numerous measures, Ontario's Fair Housing Plan includes a much-discussed 15% Non-Resident Speculation Tax (NRST) similar to the recent tax imposed in Vancouver. This tax aims to address the unsustainable demand for housing and make housing more available.
Another main action of the Plan focuses on protecting renters and ensuring that that rental increases only rise at the rate set in the annual provincial rent increase guidelines.
The Plan’s main focus addresses the current housing demand, measures to increase supply and various actions to protect renters.
For the full Plan, you can read the Ministry’s release here.
MoneySense has also released a good synopsis of the Plan on its website here.
