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1. A 15-percent Non-Resident Speculation Tax (NSRT) on home purchases made by non-citizens, non-permanent residents, and foreign corporations is established to control rapid price increases on properties. This can potentially work, as there are a lot of potential foreign buyers living in Toronto.
2. Rent control was expanded to include private rental units built after 1991. This is not received well by builders, with some even cancelling rental projects in their pipeline because of this law.
3. A standard lease for all tenants in the province of Ontario was established. This provides protection for tenants while also giving better predictability for landlords. Own-use evictions are also cracked down.
4. Ontario is now looking at its own surplus land to see which properties can be used for development purposes. While this does not address the land supply issues in Toronto, it at least opens up to opportunities that maximize available land.
5. Ontario has just allowed Toronto and other municipalities to introduce vacant homes property tax to force owners of empty homes to either rent them out or sell them. On paper, this plan may work, but it may be tricky to make this work.
6. Property taxes for apartment buildings are made similar to taxes of other residential properties. This might be designed to make properties more rental-friendly, but many builders may not risk turning their properties into rentals.
7. A $125 million program has been announced to enhance construction of new rental buildings thru developmental charge rebates. However, many builders think that the budget for this program is too small relative to investments made on rental construction projects.
8. The state has empowered municipalities to create taxes such as the vacant land tax. These taxes may push developers to accelerate building plans to accelerate land development.
9. A housing supply team with dedicated provincial employees is established to identify barriers to housing development projects. However, a revamp on the Ontario Municipal Board is seen as a better proposal that must be made.
10. Acquiring a better understanding of practices designed to avoid taxes and excessive speculation has been made a priority by Ontario. This is seen as a move for the state to get better compensation under the land transfer tax.
11. A review of the real estate agent rules is made to ensure fair representation of consumers in real estate transactions. For example, a crackdown on fake bids and offers is now being initiated.
12. A housing advisory group will meet 4 times a year to provide the government information on how the housing market can potentially be improved. Multiple sectors are expected to be involved here.
13. An emphasis on consumer education is to be made to resolve issues of real estate professionals representing more than one party in the same transaction.
14. A partnership with the Canada revenue agency (CRA) is made in the hope of building more comprehensive reporting requirements to ensure correct taxes are paid in the state. This can give the CRA better info on identifying unpaid taxes.
15. Establishing timelines on elevator repair is designed to make Ontario buildings more reliable. This is expected to be done in coordination with all involved sectors.
16. An updated growth plan will be established thru the establishment of a better province-municipality working relationship. However, experts are worried that such plans can stall a number of housing projects like high-rise buildings.
I would just like to thank Certified Mortgage Broker Toronto on behalf of me and my husband. Everything worked out perfectly and we got an excellent rate. We picked up our keys and everything is great. Could not recommend them enough. Excellent service and excellent team. Thank you.
I don't usually write reviews, but with CMBT I felt obliged to. Absolutely AMAZING service, I never chased these guys and they were always very clear with my options. They went above and beyond to find me the best rates and were very clear and understanding. They explained everything and made the whole process easy, I really could not recommend these guys enough.
Great guys and great service. The whole process was quick and done very professionally. They had the best rates we could find and were very helpful with explaining the whole process and all our options. Will absolutely be using them again.
After my first bad run in with mortgage brokers I had a coworker refer these guys to me, and I can honestly say this was a quick, easy and all around great experience. Being a first time home buyer I was kind of worried I was getting in over my head, but the team At CMBT was very understanding. They walked me through the whole process and answered all of my questions. They found the best rates and we went over them together. These guys are honestly a pleasure to work with and I would absolutely recommend you check them out if your looking for a high quality mortgage broker service.