16 PRO­POSED MEA­SURES

Times Colonist - - Business -

• A 15 per cent non-res­i­dent spec­u­la­tion tax to be im­posed on buy­ers in the Greater Golden Horseshoe area who are not cit­i­zens, per­ma­nent res­i­dents or Cana­dian cor­po­ra­tions. • Ex­panded rent con­trol that will ap­ply to all pri­vate rental units in On­tario, in­clud­ing those built af­ter 1991, which are cur­rently ex­cluded. • Up­dates to the Res­i­den­tial Ten­an­cies Act to in­clude a stan­dard lease agree­ment, tighter pro­vi­sions for “land­lord’s own use” evic­tions, and tech­ni­cal changes to the Land­lord-Ten­ant Board meant to make the process fairer, as well as other changes. • 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. • Leg­is­la­tion that would al­low Toronto and pos­si­bly other mu­nic­i­pal­i­ties to in­tro­duce a va­cant-homes prop­erty tax in an ef­fort to en­cour­age prop­erty own­ers to sell un­oc­cu­pied units or rent them out. • A plan to en­sure prop­erty tax for new apart­ment build­ings is charged at a sim­i­lar rate as other res­i­den­tial prop­er­ties. • A five-year, $125-mil­lion pro­gram aimed at en­cour­ag­ing the con­struc­tion of new rental-apart­ment build­ings by re­bat­ing a por­tion of devel­op­ment charges. • More flex­i­bil­ity for mu­nic­i­pal­i­ties when it comes to us­ing prop­erty tax tools to en­cour­age devel­op­ment. • The cre­ation of a new Hous­ing Sup­ply Team with ded­i­cated pro­vin­cial em­ploy­ees to iden­tify bar­ri­ers to spe­cific hous­ing devel­op­ment projects and work with de­vel­op­ers and mu­nic­i­pal­i­ties to find so­lu­tions. • An ef­fort to un­der­stand and tackle prac­tices that may be con­tribut­ing to tax avoid­ance and ex­ces­sive spec­u­la­tion in the hous­ing mar­ket. • A re­view of the rules real es­tate agents are re­quired to fol­low to en­sure that con­sumers are fairly rep­re­sented in real es­tate trans­ac­tions. • The launch of a hous­ing ad­vi­sory group which will meet quar­terly to pro­vide the gov­ern­ment with on­go­ing ad­vice about the state of the hous­ing mar­ket and dis­cuss the im­pact of the mea­sures and any ad­di­tional steps that are needed. • Ed­u­ca­tion for con­sumers on their rights, par­tic­u­larly on the is­sue of one real es­tate pro­fes­sional rep­re­sent­ing more than one party in a real es­tate trans­ac­tion. • A part­ner­ship with the Canada Rev­enue Agency to ex­plore more com­pre­hen­sive re­port­ing re­quire­ments so that cor­rect fed­eral and pro­vin­cial taxes, in­clud­ing in­come and sales taxes, are paid on pur­chases and sales of real es­tate in On­tario. • Set time­lines for el­e­va­tor re­pairs to be es­tab­lished in con­sul­ta­tion with the sec­tor and the Tech­ni­cal Stan­dards & Safety Author­ity. • 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.

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