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Ontario’s rent and housing reform and are bidding wars ending? – April 22, 2017

May 06, 2017

Rob Golfi and Jennifer Draho, sales representatives for The Golfi Team

1.    What’s happening in the Market today in Hamilton with bidding wars. Have the bidding wars started to slow down?
2.      Ontario’s rent and housing reform:
–           Non-resident speculation tax
–           15 percent – greater golden horseshoe
–           Does not target immigrants
–           not on international students
–           people will sit back  on the side lines and watch the market
–           Vancouver home sales plunged & price increase stalled
–           side effect is dip in land transfer tax revenue
–           Vancouver market is bouncing back
3.        Expanding Rent Control
–           Rent Control previously only applied to units built before Nov 1991. Now it
applies to all rentals.
–           Effective now
4.        New Rules for Landlords
–           Cap of rent increase this year was 2.5%
–           Builders that were planning to build rental building will opt out for condos
instead
5.        Development Charge Rebate
–           Only on rental properties
6.        Vacant Homes Tax
–           They want to encourage owners to sell these homes
–           Toronto has 65,000 vacant condos
7.        Creating a Housing supply team
8.        Working with CRA to tackle tax avoidance & speculation
–           Buyers who invest on new builds & then sell the properties before they close – known as paper flipping
9.        Review all real estate rules
–           Tim Hudak CEO of Ontario real estate association welcomes this – example bidding wars
10.      Tax fairness for new apartment buildings
11.      Education for consumers
12.      Provincial land for affordable housing
13.      Encourage diverse development
14.      Overview what the market looks like

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