The big news today in Toronto real estate is that the province of Ontario introduced 16 new measures intended to rein in the housing market.
Some of the most notable measures, which many of you will have seen in the headlines, include a 15% tax on home purchases by non-residents and expanded rent control for buildings completed after 1991. Previously it only applied to older buildings. The maximum annual rent increase for existing tenants will now be capped at the rate of inflation, up to a maximum of 2.5%.
Here’s some more information from the Globe and Mail and CBC .
I’ve had a few people ask me to blog / comment on the above, but I haven’t yet had time to do a deep dive into the details. I would like to do that first rather than provide a knee-jerk reaction. In the meantime, I would love to hear your thoughts in the comment section below.