Simply increasing taxes on home ownership could lower the value of Toronto real estate, while doing nothing to increase the supply of homes, bringing with it the worst of both worlds.
That means the progressive property surtax would apply to people who own an expensive home and speculators who own multiple expensive homes, but pay little-to-no income tax in Ontario, whether that's because they're foreign nationals or have otherwise avoided or evaded taxes, he said. "With the tax, we are targeting people who aren't looking for a place to raise a family, they are only looking for a quick profit".
The number of sales in Metro Vancouver plunged in the wake of the new tax, but the market appears to have bounced back since.
The solution from Vancouver, on the west coast, was to impose a foreign buyer tax.
Toronto prices rose 33 percent in March from a year earlier and the average price of a detached home topped C$1.2 million ($903,000) last month.
The provincial government is also considering an overhaul of its rent control policy that would expand the cap on annual rent increases to units constructed after 1991. Tenants in newer units have complained of dramatic spikes in rent.
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Thomas was reportedly also anxious she would be in trouble, but Whatley said everyone was glad and relieved to have her home. They are thankful that Elizabeth Thomas will soon be returned to her family where she can begin the healing process".
The Canadian Taxpayers Federation (CTF) is calling on the province to stop plans to impose a new foreign buyers tax and rent control.
Paul Kershaw, leader of youth advocacy group Generation Squeeze that campaigned to end the exemption, called it "a win for renters".
The Aggregate Composite MLS Home Price Index, which measures the price of a typical property at each market, soared 18.6% year-over-year in March after gaining 16% in February.
Home sales across the country hit a record high last month, propped up by transactions in the fiercely hot market of Toronto, further fuelling concerns about the city's real estate sector.
Ontario's Liberal government, trailing the Progressive Conservatives in opinion polls ahead of an election in June 2018, had also come under pressure to respond to growing public frustration about the role foreign buyers are playing in the Toronto market.
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Neither of Ontario's opposition parties objected to any of the government's proposed measures. "I'm very mindful of any unintended consequences from the measures that we take", he said. Progressive Conservative Housing Critic Ernie Hardeman said the measures are moving "in the right direction".
A standardized lease document for all tenants.
Use surplus provincial land assets across the province to develop new and affordable housing. Other measures to be implemented by the CMHC next month include the introduction of improved underwriting flexibilities and a revised premium schedule supporting increased affordable housing.
- A plan to ensure property tax for new apartment buildings is charged at a similar rate as other residential properties. "The biggest problem is a shortage of homes, and that's because of the government's vision for a high density Ontario and its desire to use taxes and regulations to squeeze as much money out of sales and development as it can".
Morneau said the meeting itself will help calm the speculative nature of the GTA's housing market.
Toronto Mayor John Tory met with the federal and provincial finance minister today to talk about how to cool down the market.
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