This morning, Ontario Premier, Kathleen Wynne unveiled 16
measures to make housing more affordable in the Toronto area. The
announcement comes after two consecutive years of double-digit
gains, with the average house prices in the region reaching
$916,567 in March 2017. We have highlighted a few of these measures
below.
Included in these measures is a 15 per cent Non-Resident
Speculation Tax (NRST) on non-Canadian citizens, non-permanent
residents and non-Canadian corporations buying residential
properties containing one to six units in the Greater Golden
Horseshoe (GGH). The GGH covers the area from Simcoe County down to
Niagara Region and Haldimand County on Lake Erie, and from the
Waterloo Region to Peterborough and Northumberland Counties. The
tax is effective as of April 21, 2017 and applies to the value of
consideration in respect of the transfer (including a beneficial
transfer only) of a residential property. In addition, Ontario is
partnering with the Canada
