We have heard a lot about the Ontario Housing Plan, but there are many questions. Here, we explain in detail what this initiative is about.   The Ontario Housing Plan proposes a comprehensive package of measures to help the population achieve more accessible properties, protect buyers and sellers, increase supply and stabilize the real estate market. The Plan includes:   Actions to address the demand for housing:  

1. The Non-Resident Speculation Tax (NRST), which, if approved, would imply 15% of the price of homes purchased in the GTA by individuals who are not citizens or permanent residents of Canada or by foreign corporations. It would help address unsustainable demand in the region and make housing more affordable and affordable, while ensuring that Ontario continues to be a place that welcomes all new residents. The proposed tax would apply to land transfers containing at least one and no more than six single-family residences. Single family residences include, for example, single-family and semi-detached houses, town houses and condominiums. The NRST would not apply to transfers of other types of land, including residential multi-dwelling residential buildings, agricultural land or commercial / industrial land. The NRST will become effective as of April 21, 2017, when it enacts the amending legislation.
2. Refugees and nominees under the Ontario Immigrant Appointment Program would not be subject to the NRST. According to eligibility requirements, a refund would be available to those who subsequently obtain citizenship or permanent resident status, as well as foreigners working in Ontario and international students.

  Actions to protect tenants:  

1. Extend rent control to all private units in Ontario, including those built after 1991. This will ensure that increases in rental costs can only be at the rate recorded in the annual provincial rent increase guide. In the last ten years, the annual rate of increase in rent has averaged 2%. The increase is limited to a maximum of 2.5%. Under these changes, homeowners could still apply uncontrolled vacancies and seek further increases in guidelines when allowed. If this change is approved, it will take effect as of April 20.
2. The government will introduce legislation that, if approved, will strengthen the Residential Leases Act to further protect tenants and ensure predictability for homeowners. This will include the development of a standard lease with explanatory information available in several languages, tightening provisions for proprietary use evictions and ensuring that tenants are adequately compensated if asked to vacate under this Rule: the prohibition of increases above the guideline when the work of lifts is not completed; And technical changes in the Tenant-Tenant Board to make the process fairer and easier for tenants and homeowners. These changes will apply to the entire province.

  Actions to increase the supply of housing:

1. Establish a program to leverage the value of surplus land assets throughout the province to develop a mix of market housing and new, permanent, sustainable and affordable housing supply. Potential sites considered for a pilot project include West Don, 27 Grosvenor / 26 Grenville Streets in Toronto and other sites in the province. This is based on a previously reached agreement with the City of Toronto to ensure that a minimum of 20% of residential units within the West Don land are available for affordable rental, with an additional 5% units for affordable purchase.
2. Introduce legislation that, if approved, empowers the City of Toronto and potentially other interested municipalities to apply a property tax on vacant housing to encourage homeowners to sell vacant units or rent them to address concerns about The residential units potentially vacant by speculators. Ensure that the property tax on new multi-residential apartment buildings is charged at a pace similar to that of other residential properties. This will encourage developers to build more homes specifically for rent.
3. The introduction of a $ 125 million program for 5 years to encourage the construction of new apartment buildings for rent by reimbursing a portion of development expenses. Working with municipalities, the government would target projects in those communities that most need new purpose-built rental housing.
4. Provide municipalities with the flexibility to use property tax tools to help unlock development opportunities. For example, municipalities could be allowed to impose a higher tax on vacant land that has been approved for new housing.
5. Create a new Housing Supply Team with provincial employees dedicated to identifying barriers to specific housing development projects and working with developers and municipalities to find solutions. A multi-ministerial working group will also be established to work with the development industry and municipalities to identify opportunities to rationalize the development approval process.

  Other actions to protect home buyers and increase the exchange of information:  

1. The province will work to understand and address practices that may be contributing to tax evasion and excessive speculation in the housing market, such as flipping paper, a practice that includes a contractual agreement to buy a residential unit and assign it to Another person before closing.
2. Hand in hand with each of the parties, the province is committed to review the rules that real estate agents must follow to ensure that consumers are represented at all steps of the transactions. This includes practices such as the double end. The government will modernize its rules, strengthen professionalism, and enhance the homebuying experience with the goal of making Ontario a leader in real estate standards.
3. Establish a housing advisory group to meet quarterly to provide advice to the government on the state of the housing market and discuss the impact of Fair Housing Plan measures and any additional steps needed. The group will have a wide range of specialized professionals, including economists, academics, developers, community groups and real estate.
4. Educate consumers about their rights, especially if the same real estate agent represents several parties in a single transaction.
5. Partner with the Canadian Revenue Agency to explore more comprehensive information requirements so that the correct federal and provincial taxes, including income and sales taxes, are paid on purchases and sales of real estate in Ontario.
6. Make lifts in Ontario buildings more reliable by setting deadlines for repair in consultation with the industry and the TSSA.
7. Work with municipalities to better reflect the needs of a growing Golden Basin through an updated Growth Plan. The new provisions will include the requirement that municipalities consider the appropriate range of unit sizes in higher density residential buildings to accommodate a diverse range of households and incomes. This will help support the goals of creating vibrant, transit-backed and economically competitive communities, while doing more to address climate change, protect the region's natural heritage and prevent the loss of irreplaceable agricultural land. As part of the implementation of the Growth Plan for the Great Golden Horseshoe, 2006, sufficient land was available in official municipal plans to accommodate expected growth in at least 2031. Based on discussions with municipalities throughout the region, Government is confident that there is enough ground to meet the requirement of the Provincial Policy Statement for a three-year supply of residential units. The Green Belt offers significant protection of the natural heritage and arable land, and neither the Green Belt area nor the rules about what can occur within it will weaken. The upcoming Growth Plan will promote intensification around existing and planned transit stations and promote higher densities in the suburbs to support transit.

  [![ width=500 height=325 /> Actions to date: The government has taken a number of actions in recent years in order to support home buyers, increase the supply of affordable housing and rental and promote equity. These include:

• Help more people buy their first home by doubling the maximum Earth Transfer Tax rebate for first time homebuyers to $ 4,000. This means that buyers of eligible homes in Ontario do not pay the Land Transfer Tax on the first $ 368,000 of the cost of their first home.
• Modernization of the Land Transfer Tax to reflect the current real estate market, including raising rates for one or two single-family homes of more than $ 2 million. Revenues generated by higher indexes are being used to finance improvements to reimbursement to first-time buyers.
• Provide affordable non-profit housing providers with the purchase of surplus government land.
• The introduction of an inclusive zoning framework for municipalities that will allow for affordable housing as part of residential developments.
• Amendments to the Planning Act and the Development Charges Act to support the second units, allowing owners to create rental units in their primary residence and create additional supplies.
• Freeze the municipal property tax burden for multi-residential apartment buildings in communities where these taxes are high.

The real estate market in Ontario has experienced a very dynamic growth in the last years. Prices in the Toronto metropolitan area and surrounding areas increased significantly. This has been supported by economic fundamentals, including a growing population, increased employment, higher incomes and very low borrowing costs. After two consecutive years of double-digit gains, average home prices in the Toronto region reached $ 916,567 in March 2017, up 33.2% from the year before, while the growth rate in the Great Vancouver area has been declining since August 2016 after the introduction of the tax of foreign buyers in British Columbia. According to Urbanation, the average rent per square foot for new leases in the Toronto Great Area condominium market increased by 11% in the last quarter of 2016 compared to the previous year, the fastest growth rate since at least 2011. If you still have doubts or want to know a little more about this new Plan, do not hesitate to contact me and I will gladly explain in detail. <span style=font-weight: 400;>Source: <span style=font-weight: 400;](http://lisbethherrera.com/wp-content/uploads/2017/04/casa-300x195.jpg)https://news.ontario.ca/mof/en/2017/04/ontarios-fair-housing-plan.html](http://lisbethherrera.com/wp-content/uploads/2017/04/casa.jpg)