Notably, the issue of foreign buyers has been particularly controversial, with critics blaming them for speculation within the housing market but without hard data to support their contentions.
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.
"A lot of local buyers will sit on the sidelines for a while to watch and see what happens, and then that pent-up demand will re-enter the market down the road once the fear and the unknown has passed", said Blair Mackey, a sales representative with Royal LePage Real Estate Services.
The GGH includes the following geographic areas: Brant, Dufferin, Durham, Haldimand, Halton, Hamilton, Kawartha Lakes, Niagara, Northumberland, Peel, Peterborough, Simcoe, Toronto, Waterloo, Wellington and York.
The plan also offers some relief for tenants in buildings built before 1991, who were already covered under rent control.
The Ontario government unveiled its plan to implement a 15% tax on foreign home buyers and impose rent controls in an announcement on April 20.
The provincial Liberal government has come under increased pressure to do something about housing in the Greater Toronto Area, where the average price of detached houses was $1.21 million in March, up 33.4 per cent from previous year. Asian investment in Toronto reportedly picked up after Vancouver introduced its foreign buyer tax last summer.
Sousa said that his meeting with Bill Morneau, Federal Minister of Finance, and John Tory, Mayor of Toronto, was to discuss new ways to collaborate to address rising housing and rent costs, and share information across jurisdictions.
Tim Hudak, CEO of the Ontario Real Estate Association, welcomed the review.
- More flexibility for municipalities when it comes to using property tax tools to encourage development.
But the real estate news dominated his pre-budget announcement.
"Where is the solution for the lack of affordable housing for the vulnerable populations that live in Northern Ontario?"
- A five-year, $125million program aimed at encouraging the construction of new rental apartment buildings by rebating a portion of development charges. Others, however, believe the figure was much higher.
"We're targeting those are who aren't looking to raise a family". It really depends on the region's inventory levels and any possible regulation put in place by the government over the next couple of months.
Officials from Canada and its most populous province will meet later on Tuesday, under pressure from voters angry that speculators or foreigners are fueling unsustainable price gains.