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.

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.

"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:

  • Rep. Jason Chaffetz will not run for reelection in 2018

    Chaffetz entered office in 2009 and his indefinite departure from politics would leave Utah's 3rd District up for grabs. Chaffetz was re-elected four times in one of the most Republican congressional districts in the country.
    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 .
    Sacked Fox News host Bill O'Reilly blasts 'unfounded' harassment claims

    Sacked Fox News host Bill O'Reilly blasts 'unfounded' harassment claims

    Wednesday's new denial by O'Reilly - calling the harassment claims unfounded - may be significant to potential business partners. The report led to O'Reilly losing dozens of advertisers on his program, which has the highest ratings in cable news.
  • 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".
    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.

    Google Home's assistant can now recognize different voices

    The Web giant today started rolling out a highly requested feature for its voice-powered speaker: support for multiple accounts. Whereas voice recognition is a definite help, even Google admits that it's not the be-all-end-all where security is concerned.
  • 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".
    Fox stock holds steady following O'Reilly firing

    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.
    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.
  • 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

    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.
    Pakistan top court rejects call to oust PM

    Pakistan top court rejects call to oust PM

    However, Khwaja Asif, a PML-N leader told that "it was a pre-planned order of Sharif, which he himself decided". Khan termed the verdict as indictment of Sharif as the bench did not absolve him of the allegations.


Most liked

IPL 2017: Umesh Yadav likely to return for KKR vs KXIP
Umesh was the pick of the quick bowlers in the recently concluded India-Australia series, scalping 17 wickets in eight innings. But the circumstances now have clearly changed and Kallis' news has definitely raised the hopes of the fans.

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.

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.

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.

Martial has to start doing what I like, warns Mourinho
We have Daley Blind, who has experience in the position, and I think it is time for Jones and Smalling to be courageous - to risk. For Anderlecht , Andy Najar is still recovering from an injury, whilst Lukasz Teodorczyk is fully fit after being injured.

Florida voters may get a say over casino gambling
For almost 200 years, Florida has had one of the strictest voting regulations in the country when it comes to released felons. Rick Scott took office in 2011, he largely reversed the policy to restore felon voting rights instituted under former Gov.

1200 imprisoned Palestinian terrorists launch hunger strike
Polls suggest that the 58-year-old Barghouti is the most popular choice among Palestinians to succeed the 82-year-old Abbas. Israeli Prison Service (IPS) spokesman Assaf Librati warned that the hunger strikers would face punishment.

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.

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 .

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.

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.

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.

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.

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.