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Ontario’s Fair Housing Plan is announced today

“Non-Resident Speculation Tax” (NRST) of 15% Announced Today

The media noise has been significant lately regarding the real estate market and today the Ontario government announced a plan that they are calling ‘Ontario’s Fair Housing Plan’.  There are 16 initiatives in the plan.  They are detailed in an article in the Financial Post that we have a link to in this post.

The primary initiatives are:

  • Effective immediately, a 15% foreign buyers tax
  • Capping rent increases at 2.5%
  • Making some provincially owned land available for affordable housing 
  • Taxing owners of vacant homes

Here is a link to the Financial Post article…

As with any new tax, time will tell how this effects the real estate market.  Our opinion is that this plan shouldn’t affect your real estate too much.  We are happy that action has been taken instead of leaving it as an unknown. If it slows the fast rise in home prices, this will help make it more predictable and less speculative.

Please call us if you have any questions about it.  We would love check in with you and be sure that you have a good sense of what is happening in the marketplace.


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