Ontario is taking action to make housing more affordable for homebuyers and renters by introducing the Fair Housing Plan. This set of 16 comprehensive measures aims 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.
These measures include introducing a 15 per cent Non-Resident Speculation Tax (NRST) on non-Canadian citizens, non-permanent residents and non-Canadian corporations buying residential properties containing one to six units in the Greater Golden Horseshoe (GGH).
Ontario's economy benefits enormously from newcomers who decide to make the province home. The NRST would help to address unsustainable demand in this region, while ensuring Ontario continues to be a place that welcomes all new residents.
Ontario's Fair Housing Plan would also expand rent control to all private rental units, including those built after 1991, strengthening protections for tenants against sudden, dramatic rent increases. In addition, it would empower Toronto and potentially other interested municipalities to introduce a tax on vacant homes to encourage owners to sell or rent unoccupied units.
The province will also work with municipalities and other partners to identify provincially owned surplus lands that could be used for affordable and rental housing development.