Ontario slaps 15% tax on foreign buyers, expands rent control in 16-point plan to cool housing

Congenital liar

Ontario announced a slew of measures including a tax on foreign buyers and expanded rent control as part of a plan to temper escalating home prices in Toronto.

The 15 per cent levy will apply to non-Canadian citizens, non-permanent residents, and non-Canadian corporations buying residential properties containing one to six units in the greater Toronto area, the provincial government said in a statement Thursday. Rent control will be imposed on buildings constructed after 1991 — effective April 20 — which limits annual increases.

Share
  • CodexCoder

    Socialist idiot elite trying to stem the tide with stupidity in a world of their own creation. Too little far too late.

    Wynne wins? We lose.

    • Only liberals would try rent control.

      It has been tried. It never works.

      But liberals love government control. So they try again, like fools.

      • moraywatson

        Rent control will be a massive failure. Even IF you can find a place to live, it won’t matter what the rents are, because you won’t be able to afford the hydro bill anyway.

    • marty_p

      Here’s the definition of the results of Socialist Idiot Elites:
      https://www.thestar.com/news/city_hall/2017/04/19/toronto-community-housing-units-set-to-close-despite-residents-pleas.html

      Yup the parasite has no shame in telling the world she has been sucking on the public teat for 30+ years and plans on continuing.
      Let’s do some math – she moved in when she was in her 40’s an age where she should have been working and paying market rent – instead our tax dollars have been subsidizing her existence for the last 30+ years.

      • DisqusBlowsToday

        The woman in question (can I even say that now???) may have been trying, but from the pictures in the Star, her neighbors were not. And what were the reckless, and feckless vandals charged with for repairs? Nothing, either criminal, or financial, in all likelihood. So while I am sympathetic to young families trying to make ends meet, irresponsible behavior unpunished breeds more of the same and costs society in the long run and the socialist elite never seem to notice until the wave swamps them in debt and disaster (like Venezuela). There is no free lunch or accommodation – someone must pay for maintenance and private citizens do a better job because of vested, personal interest than mindless bureaucrats.

        End of vent (and yes, I am a landlord)

  • marty_p

    This whole issue is a tough one for me:
    I am caught up between watching the value of my house escalate and wondering where my kids will be able to afford to live.
    I can tell you that my brother is a Real Estate agent and he tells me that his open houses and bidding wars have a high percentage of traffic/bidders with offshore money from a certain country (not politically correct to name- but their food is great) and this is no doubt driving prices higher and higher.
    Low interest rates are creating a false economy where people are able to purchase properties that will certainly become un-affordable should the interest rates go up a percent or two.
    The Provincial Govt (and the City of Toronto) see a chance to get their hands on some of the wealth being generated via taxation – knowing full well that an offshore investor won’t be deterred by the tax (they will still see double digit returns on their investment after any tax paid) and as such the Provincial and City tax coffers will see an influx of new revenue.

    • deplorabledave

      And one hour later your hungry again.

    • Waffle

      So true — providing incentives to create more housing don’t put money in greedy government pockets. The construction of rental housing has been disincentified in Ontario for the past 30 years.

      So many things that could be done but are not because of the insatiable greed of corrupt politicians.

      Farfel and I listened to Wynne’s presser this morning and both of us threw up in response.

    • Bernie

      Everything that goes up will eventually crash down. The downside is coming and it will severely impact us all if we do not prepare for it. Vote out Liberal, Socialist, Communist left leaning Governments and instal Central, Right leaning Business oriented folks that are interested in Value added systems. Get rid of the PC attitude and sense of Entitlement.Support folks that will work hard to build the country as they build their lives, get rid or via deportation all the slackers that want to live on Taxpayer Money.

      • Alain

        Well we actually that kind of government at the federal level, but the voters could not wait to change it for a party with a well documented history of corruption, greed and dishonesty. It is hard to think future voters will show more intelligence.

        • Bernie

          To quote Yoda… Intelligence is a must. Failure not an option.

    • Clink9

      Our neighborhood prices have gone kooky as well. Not very fun as our kids might have to wait until we’re pushing up the flowers to get money to buy their own at this rate.

      My neighbor across the street sold this year and about 80 % of the potential buyers were from certain group that must pay a fortune in car insurance.

      And that’s who ended up buying as well.

      • k1962

        Your joke about car insurance actually made me LOL. Good one! Guess what? That’s who bought next to me as well and immediately zhe wanted to gather the neighbours to do a land assembly so zhe could make a humungous profit and scram with the money. Unfortunately we like our hood and have been here a long time. Our home is our home not some investment like stocks to a day trader.

    • Etobicoke_Gladiator

      slightly O/T: My favourite Chinese restaurant on Spadina Ave. is Swatow:
      https://www.zomato.com/toronto/swatow-restaurant-grange-park/menu

      • Uncommunist

        What do you recommend ?

        • Etobicoke_Gladiator

          Anything you like. I have my faves, and trust me, they’re not halal!

    • Starlord

      Scary thing is PMJT loves china.
      China has enough people to shed and Canada is it. 10 or 15 million could come over tomorrow and pay cash for a house…

      We need language laws in Ontario… like bill 101 in QC or 10yrs from now it will be Chinoantario. You want service in Engrish.. Fcuk you “ghost”

  • Marius K

    Yeah, nothing helps tight supply like rent controls. Idiotic or malicious ?

  • mauser 98
    • Etobicoke_Gladiator

      Trust fund vote whoring man-child loves to do this every day as often as possible.

  • David Murrell

    How are the corporate media cartel reporting this latest Wynne scam? The paid-and-bought-for Globe and Mail has a story written as if it came from a Liberal press release:
    https://beta.theglobeandmail.com/real-estate/toronto/ontario-housing-16-big-changes-explained-in-charts/article34757648/?ref=http://www.theglobeandmail.com&

  • mauser 98

    Bob Rae forced geared to income housing next to mega mansions
    ..disaster

    “Identify surplus provincially owned land that could be used to build affordable housing”
    ..who builds? who’s money?

    define ‘vacant’

    “Municipalities could be allowed flexibility to use property tax as a policy tool to influence development”
    ….flex tax us to death

    “compensate evicted tenants”
    ……..crack houses ,crack heads

    “” refugees will be exempt”””…WTF

  • KillerMarmot

    Rent control isn’t a solution, it’s a predicament.

  • moraywatson

    Gee, what a surprise! The Liberal Governments solution to a problem is to suck more money out of our pockets.

  • Alain

    Accommodation shortages are the result of rent control and government interference, so the situation will now become even worse.

  • David Murrell

    Around 2:30 Eastern time BNN News had on former PC leader Tim Hudak, now CEO of the Ontario Real Estate Association, singing the praises of Wynne’s attack on Ontario’s housing and rental markets. The guy could not think of one critical thing to say. I mean, cheeez.

    • Justin St.Denis

      Tim Hudak is fucking creepy. Always has been.

      • Clausewitz

        A lot of folks I know are sitting on their homes as their retirement investment for the future. All of these idiots basically want to screw over those same people so that the government can maintain control over them right up until the day they die.

  • Jaedo Drax

    Good News, Comrade Wynne has just created a new job class, called Corporate partner for foreign buyers. Now you too can be a rent seeker in your free time to help foreign buyers buy properties in Ontario without having to pay the 15% Chinese Head Tax.