Toronto 15% Foreign tax, new Rent controls… it changes nothing!

15% Foreign home buyers tax, not a big deal

Last year, Vancouver introduced a 15% foreign homebuyers tax.  I predicted it would come to Toronto after 6 months.

Today, Ontario’s govt has copied Vancouver by introducing a 15% foreign homebuyers tax.   The hope is this will discourage foreign investors from buying and speculating on the Toronto housing market (by the way, there is no data to prove that foreign investors are a factor or contributing to the red hot housing market).

Vancouver tried this last year. But what happened?  The amount of sales slowed, but just temporarily. And house prices didn’t really drop.  This year, Vancouver house values are up over 3% and climbing.   Read the rest of this entry »

Attn: Ontario landlords… Rent control rules may not apply!

landlord-tenantDid you know that Alberta has no residential rent control?   And British Columbia landlords can increase rents by the rate of inflation PLUS 2%?   In Ontario, the Landlord and Tenant Board sets annual rent increases.   For 2014, the rent increase was a mere 0.8% and for 2015 the rents can only be increased by 1.6%.  Anyone that’s bought a rental property has probably been following these rules for years.   An increase of 2.2% over a 2 year period sounds great if you are a tenant, but somewhat unfair if you are landlord.

Now, what if I told you there’s a good chance your PROPERTY IS EXEMPT FROM ONTARIO’S RENT CONTROL RULES?  Meaning you can increase the rents as high as you like.   According to the Ontario Landlords Association, more and more properties are becoming exempt from Ontario’s rent control rules.  
Read the rest of this entry »

%d bloggers like this: