Real Estate Act Passed In Ontario

A budget which will introduce new laws to deal with the issue concerning housing affordability has been passed by the Ontario government. Included in the measures is 115 per cent speculation tax for those that are not residents, purposely for specific buyers from outside in the Greater Golden Horseshoe, involving both trusts and corporations.

The levy applies to every residential property that was purchase in Ontario from the 21st of April of this year, however, those who become permanent residents in the space of four years of purchase, students from outside Canada who are subject to circumstances and those working in Ontario for a year complete following purchase will be given reimbursements.

The finance minister for Ontario, Charles Sousa commented after the act was passed that; “Our government is working to make life more affordable for everyone in Ontario. This legislation will help to both address the recent price increases in our housing market.” A legislation for lowering the price of public transportation for older citizens was also passed by the policy makers.