03/31/2022
Today, the Ontario government introduced legislation that would regulate development practices, and create more housing options for homeowners and renters by accelerating development timelines to get more homes built faster.
In short:
•Effective March 30, 2022, increasing the non-resident speculation tax rate to 20%. The tax expends beyond the Greater Golden Horseshoe to apply provincewide and closing loopholes to fight tax avoidance. The tax applies to homes purchased anywhere in Ontario by foreign nationals, foreign corporations or taxable trustees.
•Enabling Tarion to extend warranties on unfinished items in a new home.
•Investing more than $19 million to help the Ontario Land Tribunal (OLT) and the Landlord and Tenant Board to reduce their backlogs.
the entire press release posted our blog page 👇🏻
Effective March 30, 2022, increasing the non-resident speculation tax rate to 20%. Also, the tax will apply beyond the Greater Golden Horseshoe to apply provincewide and close loopholes to fight tax avoidance. The tax applies to homes purchased anywhere i