Impact of Ontario housing measures on market may be short-lived

TORONTO, April 20 Canada's Ontario province is set to announce a series of measures including a 15 percent non-resident foreign buyers tax on property purchases to rein in runaway housing prices, the Canadian Broadcasting Corp (CBC) News reported on Thursday.

"People work hard to provide for their families".

A spokesman for federal Finance Minister Bill Morneau says Ottawa is concerned about diminishing affordability in the housing market, calling the matter a complex issue with lots to talk about.

"Taxing foreign home buyers is a way for the government to score cheap political points with GTA voters, and bring in more money for their own coffers, but it won't solve the problem", continued Van Geyn. Market expectations predicted an 0.2% gain, according to the Royal Bank of Canada.

Sousa said the tax would take effect on Friday. If adopted, as expected, the foreign tax would be effective retroactively to April 21.

Another housing measure would expand rent control, which now only applies only to units built before November 1991.

Rent control has been one of Toronto Mayor John Tory's main concerns, especially after recent published reports about some tenants in the city receiving notices that their rent would double.

Isco winner takes Ronaldo-less Real six points clear
Zidane opted for a chance after 71 minutes as Mariano replaced Lucas as they pushed for a winning goal in the closing stages. We at The Hard Tackle take a closer look at some of the significant talking points to emerge from the result .

"The fact that people are paying upwards of two grand for their tiny downtown apartment, still doesn't give me that much hope", she said. "It was something that needed to be discussed in the region".

The forthcoming rent control legislation won't apply to tenants like Cecatto, who received rent hike notices before Thursday's announcement. "The issue is that builders will tell you that if you impose rent control that is only as high as inflation, that is not enough for them to start building".

Tory said he has committed to streamlining and speeding up building approvals, in particular for new affordable rental housing and he is also looking at a vacant homes tax.

"You can't go to a barbecue in the province without people talking about real estate and how everyone has a son or daughter who can't buy a home and wants to get into the market", Hudak said.

The Ontario government has announced what it calls a comprehensive housing package aimed at cooling a red-hot real estate market.

We'll wait for the details but from the sounds of things, indications are that they're taking a sledge hammer to it.

Like many others, Altbaum is calling for either a foreign buyers tax - like the one imposed in Vancouver in August - or a change to capital gains taxes to discourage investors from flipping properties. Under the new rules, which took effect on January 1, first-time homebuyers don't pay any land transfer tax on the first $368,000 of a purchase price. In Toronto, the average price of detached properties hit $1.56 million, an increase of 32.8 per cent from March 2016.

Related News:

  • Think tank linked to Putin developed plans to sway US elections

    Think tank linked to Putin developed plans to sway US elections

    A Russian government think tank developed plans in 2016 to damage former Secretary of State Hillary Clinton's election chances, Reuters reports .
    US envoy: Iran and Hezbollah want to destabilize the Mideast

    US envoy: Iran and Hezbollah want to destabilize the Mideast

    Plus, quarterly reports on Israel's expansion of housing settlements are now required under a resolution critical of the USA ally. Plus, quarterly reports on Israel's expansion of housing settlements are now required under a resolution critical of the US ally.

    Bill O'Reilly loses job at Fox News following sexual harassment allegations

    After the report advertisers including BMW of North America, Allstate Corp, French pharmaceuticals maker Sanofi SA and T. It's about the female Fox News hosts - Megyn Kelly , Greta Van Susteren - lost to less sexist cable networks.
  • Apple Unveils New LivePhotosKit API to Embed Live Photos on the Web

    Apple Unveils New LivePhotosKit API to Embed Live Photos on the Web

    Developers will now be able to use the API to share Live Photos playback on iOS, macOS, and now the web. Almost two years after Live Photos made its debut, Apple has finally revealed the Live Photo API .

    Jeremy Corbyn won't rule out second Brexit referendum

    In an echo of the Tory campaign in 2015, Theresa May later described the potential deal as a "coalition of chaos". A party spokesman said: 'They want to vote for a party they've got confidence in.
    H-1B applications drop as USA  employers anticipate reforms

    H-1B applications drop as USA employers anticipate reforms

    This is published unedited from the PTI feed . "Like all the other executive orders , it's just words - he's calling for new studies".
  • 'John 3:16' written on Aaron Hernandez's forehead, source says

    Many questions remain after the former New England Patriots tight end was found dead in his prison cell by a corrections officer. Hernandez had reportedly gotten a new tattoo that referenced the Blood street gang after the fight, prison officials said.

    Manchester United partners with the new Facebook augmented reality developer platform

    Facebook isn't the only corporation getting in on these new developments, but it's definitely the one investing the most into it. If you haven't noticed the little camera on the top left hand side of your Facebook app maybe it's time you checked out it.

    French presidential hopefuls wrap up campaigns in tight race

    Opponents of Le Pen and her anti-immigration National Front party also skirmished with police outside a Paris rally this week. That's higher than the probability assigned to both Trump and Brexit at a similar stage before those votes, they pointed out.
  • Georgia Democrat puts Donald Trump's popularity to the test in Congress vote

    Georgia Democrat puts Donald Trump's popularity to the test in Congress vote

    Late Tuesday night, President Donald Trump tweeted his congratulations to Georgia Republicans and celebrated a victory. Jackson also became part of his election campaign by recording a one-minute radio ad urging people to go out and vote.

    EU Commission: Real Brexit talks will only start after June vote

    Montgomeryshire MP, Glyn Davies, said the Prime Minister had been left with "little choice" due to frustration over Brexit. If the election is approved Wednesday, Parliament will be dissolved on May 2, sparking nearly six weeks of campaigning.
    Malloy begins process of possible state worker layoffs

    Malloy begins process of possible state worker layoffs

    In addition to those filled positions, the administration said it will allow another 120 vacant positions that were scheduled to be filled to remain vacant.


Most liked

Venezuela teen dies after shot near protests
Unidad Venezuela, a coalition of opposition parties, also organized marches in each of the country's 24 states. Treasury secretary. "We're watching it closely and working with others.to communicate those concerns".

Nintendo Switch earns $271.8 million in USA alone
Switch sold more than 906,000 units in March in the United States, according to NPD Group sales data, Nintendo announced. It is confirmed that more than nine-hundred thousand units of Nintendo Switch was sold last month.

APNewsBreak: Baby orca! Last killer whale born at SeaWorld
The orca's birth in San Antonio, Texas , follows a decision in 2016 by the Florida-based company to stop breeding killer whales . Spokeswoman Suzanne Pelisson Beasley said birth control and "social management" would prevent future orca breeding.

GOP health bill amendment to revive Obamacare repeal effort
The notion of border adjustment has received a cold reception in the Senate, and Trump has given conflicting comments about it. California, Connecticut, Maryland and OR have May 1 deadlines for rate submissions, and NY plans to keep its May 15 deadline.

Reus rues sloppy start in Dortmund's Champions League exit
Monaco was stretched down both flanks but, equally, Dortmund was increasingly exposed to Monaco's slick counterattacking. In another quarterfinal match, there was a goal fest as hosts Monaco hammered German club Borussia Dortmund 3-1.

United States rental rises at slowest in five years
Even in hot West Coast markets, where rental growth is notoriously strong, rent appreciation is starting to slow. Mortgage rates are down from their December highs, but still well above where they were before the election.

United States to renegotiate South Korea trade pact
Mr Pence said: "We will not rest and will not relent until we obtain the objective of a denuclearised Korean Peninsula". The U.S.is trying to ratchet up pressure on North Korea to abandon its nuclear weapons and ballistic missile programs.

Richard Simmons addresses fans in Facebook statement
It is not always possible for people to solve problems themselves as "sometimes it's [the problems] just bigger than we are". Amazingly, Simmons decided this was the time to speak up. 'But it is yet to be determined, I would say'.

Fox stock holds steady following O'Reilly firing
Burgess told the panel that she came to Fox News through a temp agency and was working for a colleague of O'Reilly's. The ratings impact of Bill O'Reilly's firing will be measured over months, not days.

Paris police say officer and attacker shot, killed
BFM TV said he was known to police and Agence France-Presse said police were searching a residence in suburban Paris . Police have issued an arrest warrant for a second suspect who had arrived in the country by train from Belgium.

Japan says differences with USA on economic talks
Trade Representative specifically points to South Korea and China as countries that employ unfair trade practices. Both sides said they do not expect the talks in Tokyo this week to delve into sector-by-sector talks on trade.

Netflix to Hit 100 Million Subscribers This Weekend
Netflix has expanded around the world over the last few years, betting that its USA formula would pay off in other countries. Netflix increased its number of members to 98.75 million, including 94.36 million paid, in the first quarter of 2017.

NEW INFORMATION: Paris police say officer and attacker shot, killed
Trump: 'What can you say?' "It never ends", the President said. "We're three days before a presidential election", Eleanor says. It was suspected that the gunman used it to reach the scene of the attack. 'It looks like another terrorist attack.

Leonardo Jardim: 'AS Monaco will not deviate from attacking style'
Dortmund coach Thomas Tuchel accepted his side had come off second best, with Monaco's early goal "destroying our belief". Elsewhere, Bordeaux and Marseille look to maintain recent good form as they chase a Europa League spot.

Panama Papers: Pakistan SC orders corruption probe against PM Nawaz Sharif
But Sharif and family have 67 days to establish how they came to route their funds to buy properties overseas. The JIT would report to the court after every two weeks and would complete the proceedings in 60 days.