Cooling Down the Hot Ontario Real Estate Market?
It's no news that Ontario home prices are soaring at rapid speed. With homes in Toronto averaging 1.2 million the Ontario Premier will be introducing a 15% non-resident tax that is hoping to slow down the heated real estate market. Foreign investors make up about 5% of the current buyers. This new 15% tax on foreign investors is modelled on BC's similar tax in Vancouver. Wynne's new tax would affect sales around the Greater Toronto Area and not areas surrounding the Nation's Capital.
The real estate market varies greatly from city to city and the Ontario Government is well aware of this fact. They've acknowledge that there is no simple solution that could be rolled out across the province but that each city would have to be evaluated separately. Home prices in the GTA are up 33% year over year.
The Ontario Government is currently revisiting the Landlord and Tenant Act where they hope to makes changes that will help with housing affordability across the province.
If you are looking to discuss the real estate market in your Ottawa neighbourhood call Roch St-Georges today. 613-889-7732