vegassports-odds.com
vegassports-odds.com May 22, 2018


Ontario, Canada brings in foreign housing tax to cool market

21 April 2017, 02:42 | Melvin Schneider

The package was revealed in Toronto's rapidly growing Liberty Village neighbourhood by Premier Kathleen Wynne, Finance Minister Charles Sousa and Housing Minister Chris Ballard. Once legislation passes, the tax would be retroactively applied to 21 April.

Sousa said the tax would take effect on Friday. "They are only looking for a quick profit or a safe place to park their money", she said.

As of Monday, the province will require homebuyers to provide information about who they are, and how they intend to use the property, according to a new post on a provincial government webpage.

Ontario's move comes after Ottawa tried to rein in the market by tightening mortgage requirements and closing tax loopholes used by speculators, and after British Columbia imposed a 15 per cent foreign buyers tax on Vancouver-area homes.

Something similar - called "shadow flipping" - became increasingly common in Vancouver, in which a real estate agent would resell the same previously-owned home mant times before the closing date, driving up the price of the house, sometimes by hundreds of thousands of dollars.

Toronto prices rose 33 percent in March from a year earlier and the average price of a detached home surpassed C$1.2 million ($903,000) last month, sparking warnings from Bank of Canada Governor Stephen Poloz last week that speculation is likely at play.

"There is a need for interventions right now in order to calm what's going on", she said. "And when the rising cost of housing is making more and more people insecure about their future, and about their quality of life in Ontario, we know we have to act".

The government is also planning on extending rent control to all private rental units, including those built after 1991. The provincial government is "aware that a response is needed now to address recent dramatic increases in rents and home prices", he said.

As well, rent controls limiting increases on all buildings to the rate of inflation - as long as it is 2.5 per cent or lower - will be introduced.

Also, there will be an expansion of rent controls to all buildings.

No-one will want to play Juventus after ousting Barcelona, says Bonucci
DF Samuel Umtiti, 6 - Gave an assured display alongside Pique, although they were up against a side that knew they had the job half-done.

White House looking to revive reapl of Obamacare
High-risk pools are insurance pools for patients with preexisting conditions subsidized by the government. He shrugged off the recent failure of the GOP health-care bill by saying the law is "exploding" anyway.

US Vice President: US will work with Japan on DPRK
The probability of Aegis interceptors missing a North Korean target would be embarrassing for the U.S. and embolden Pyongyang. Pence has met with Japanese Prime Minister Shinzo Abe. "But dialogue for the sake of having dialogue is meaningless".

New powers for Toronto and other municipalities to introduce a tax on vacant homes to encourage owners to sell or rent unoccupied units.

The provincial Liberal government's housing plan contains 16 measures in all.

The province is also looking at making more surplus lands available for development. A government backgrounder on the measures announced today specifically mentions the practice of double-ending, when one agent represents more than one party in a transaction.

Tim Hudak, CEO of the Ontario Real Estate Association, welcomed the review.

The non-resident speculation tax will be imposed on buyers in the Greater Golden Horseshoe area - from the Niagara region to Peterborough - who are not citizens, permanent residents or Canadian corporations.

A standardized lease document for all tenants.

Wynne said the measures were created to help people afford to rent or buy a home, brushing off a suggestion that the move was more about boosting her approval rating, which has recently plunged to just over 10 per cent, according to polls.

Yousuf Afridi, a Toronto resident who has been house hunting for two years, said the bidding wars this year have been far more intense.

The Northern Ontario Party says a robust economy is a major reason for Toronto's housing shortage. This will contribute to our strengthened enforcement efforts.

He was optimistic about Canada Revenue Agency's promise to support enforcement of tax compliance within the GGH's real estate sector.



Other News

Trending Now

Russian Federation vetoes United Nations statement on North Korea's missile tests
North Korea will continue to test missiles on a weekly, monthly and yearly basis, Vice Foreign Minister Han Song-ryol said. Soon after Trump took office, he pulled the US out of the TPP - which needed all the signatory nations to ratify the deal.

Rouhani: Iran does not need 'permission to build missiles'
President Donald Trump has criticized the nuclear deal and said during his election campaign he would stop Iran's missile program. He urged the Iranians, particularly, the youngsters, to actively participate in the upcoming presidential elections.

FCC votes to allow some broadcasters to buy more TV stations
The move, not wholly unanticipated by broadcasters, could potentially kick off a wave of broadcast TV consolidation. The rule deregulates pricing in a majority of counties and more than 90 percent of buildings using the services.

The First Financial Corporation Indiana (THFF) to Release Earnings on Monday
Let's take a brief check on where covering Street analysts see Fulton Financial Corporation (NASDAQ:FULT) moving in the near-term. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website .