The Ontario Government released new housing legislation, the More Homes for Everyone Act.
This is the second pro-housing bill that has been introduced by the Ford Government ,continuing tomaking home ownership more affordable.
The More Homes for Everyone Act will:
- Use financial incentives to encourage municipalities to speed up zoning by-law amendments (OREA recommendation).
- Increase the certainty of development charges to bring down prices on new homes.
- Strengthen consumer protections for purchasers of new homes by doubling fines and extending building license suspensions to address unethical conduct by developers (OREA recommendation).
The new bill acts on Housing Affordability Task Force (HATF) recommendations. OREA CEO Tim Hudak was invited to sit on the Task Force and helped drive several of the key policies.
The Bill also proposes to increase the non-resident speculation tax (NRST) rate to 20 %, expanding the tax beyond the Greater Golden Horseshoe, to apply province-wide and closes loopholes to fight tax avoidance. These changes come into effect March 30, 2022.
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