Ontario Wants To Make It Easier For You To Buy A Home & Here's How
The government wants to increase housing supply and more.
New subdivision under construction.
If you're looking to buy a home in Ontario, things might just get a little easier.
The Ontario government announced on Wednesday that they are introducing new legislation that, if passed, will target rising housing prices, availability and more.
“Ontario is the best place to live, start a business and raise a family, but we can only build on our success if all hardworking Ontarians and their families are able to find the home they need and want,” said Premier Doug Ford.
“As Ontario’s population and our economy continue to grow, building more homes is another way that we’re keeping costs down for families across the province.”
The More Homes for Everyone Act will address Ontario's housing crisis in multiple ways, including the increase of the non-resident speculation tax rate to 20%.
Effective March 30, the tax will apply to any homes bought in the province, not just the Greater Golden Horseshoe.
Making it easier to build more community housing is another issue that the government will be targeting.
"To preserve the existing stock of community housing and modernize the system for those who depend on it, the government has established a new regulatory framework under the Community Housing Renewal Strategy that encourages housing providers to stay in the system and help vulnerable Ontarians get back on their feet," read the release.
They will also work with municipalities to crack down on land speculation and work to protect home buyers.
On top of this, the government is also looking at doubling fines and extending building licence suspensions when developers showcase unethical conduct when building new homes. This includes penalties for cancelled projects and more.
“Our government is cracking down on bad actors and defending future homeowners from unethical and egregious practices, ensuring developers looking to make a quick buck will think twice before trying to take advantage of hard-working Ontarians,” said Ross Romano, Minister of Government and Consumer Services.
- This Ontario City Has The Fastest Rising House Prices In ... - Toronto ›
- Here's What Ontario House Prices Will Look Like Next ... - Toronto ›
- Some Ontario Homeowners Say They Are 'House Poor' - Narcity ›
- This Is The Cheapest Neighbourhood In Ottawa To Buy A Home But The City Is Still Booming - Narcity ›