Ontario Non-Resident Speculation Tax rate rises to 25 per cent
Effective October 25, 2022, the Non-Resident Speculation Tax (NRST) rate increased from 20 per cent to 25 per cent.
The NRST applies on the purchase or acquisition of an interest in residential property located anywhere in Ontario by foreign nationals (meaning those who are not Canadian citizens or permanent residents of Canada) or by foreign corporations or taxable trustees.
The NRST applies in addition to the general Land Transfer Tax (LTT) in Ontario.
Rising interest rates aren’t just being felt in the wallets of Canadian consumers and mortgage holders — today’s steeper cost of borrowing has significantly hiked costs for the residential development industry, with deep implications for the creation of affordable housing units.
Toronto Homeowners Can Now Legally Build Apartment Suites In Their Backyard
A new ruling has made it officially legal for Toronto residents to build backyard or garden suites as a form of housing. Garden suites are a secondary structure built on the property of another home. The city says they are “generally” smaller than the main house on the lot, and are often created as a way to house relatives, or as rental units
Government Increasing Non-Resident Speculation Tax
As part of its commitment to tackle Ontario's housing crisis by prioritizing Ontario families and homebuyers, the government is increasing the Non-Resident Speculation Tax rate to 20 per cent, closing loopholes to fight tax avoidance and expanding the tax to apply provincewide effective March 30, 2022.
Market conditions tightened throughout 2019 and continued to do so in January 2020 as well. With little to no relief forecast on the listings front over the next year and demand expected to increase, it is difficult to forecast anything but further increases to average home prices for all major home types in 2020. The point forecast for the overall average selling price in 2020 is $900,000, close to a 10 per cent increase compared to the average of $819,319 reported for...
Ontario Changes Real Estate Rules For The First Time in 20 Years
Long outdated real estate legislation is being revamped to reflect today’s housing market . The new bill updates the regulations for realtors which includes more disclosure of competing bids for homes, new means of enforcement for ethical breaches, and various rules on business structures.
The bill’s also being renamed from the 2002 Real Estate Business Brokers Act (REBBA) to The Trust in Real Estate Services Act. Practically speaking, it allows for more transparency in...
TORONTO, February 6, 2020 - TRREB President Michael Collins announced that Greater Toronto Area REALTORS® reported 4,581 home sales through TRREB’s MLS® System in January 2020 – up by 15.4 per cent compared to January 2019. On a preliminary seasonally adjusted basis, sales were up by 4.8 per cent compared to December 2019. “We started 2020 where 2019 left off, with very strong growth in the number of sales up against a continued dip in the number of new and available...