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http://torontosun.com/news/provincial/ndp-propose-whopping-new-housing-speculation-tax
NDP propose whopping new housing speculation tax
Antonella ArtusoMore from Antonella Artuso
Published:June 1, 2018
Updated:June 1, 2018 12:34 PM EDT
In this file photo, a for sale sign sits on the yard of a home in Toronto, Ont. on Tuesday April 25, 2017.Ernest Doroszuk / Toronto Sun/Postmedia Network
Owners of second properties could face thousands of dollars in new taxes every year under the Ontario NDP plan to target housing “speculators” throughout the Golden Horseshoe.
Once fully implemented, the tax on an applicable house assessed at $735,021 – the average selling price of a residential property in Toronto in 2017 – would be $14,700 annually.
The NDP are anticipating this new tax combined with the existing Non-Resident Speculation Tax (NRST), which would stay in place, will bring in a whopping $671 million in its first full year and every year after that for the life of a first term of government.
The NDP’s election platform, Change for the Better, pitches this new tax as a way to make housing more affordable to Ontarians.
“Housing speculation and flipping are driving up housing prices,” the platform says. “We will implement a new speculation tax that will not be limited to foreign buyers … It will be targeted toward foreign and domestic speculators who do not pay tax in Ontario.”
Currently, Ontario only charges foreign buyers with a one-time 15% speculation tax (NRST) based on the value of the property.
The NDP plan would keep that tax, but add a second annual speculation tax that applies to both foreign and domestic property owners.
The NDP speculation tax is based on the B.C. model, currently the subject of a class-action lawsuit by out-of-province homeowners.
B.C. had to ratchet back the scope of its speculation tax after it hit its own residents particularly hard, including those with vacation properties.
Ontario NDPers say they would work to ensure their version of the tax does not apply to family cottages, and that it doesn’t negatively impact rental stock.
“It will not apply to homes or residences that are rented out,” an NDP spokesman said. “It would apply to properties that have been left vacant for a significant period of time.”
Like the B.C. tax proposal, the Ontario NDP plan to begin with an annual speculation tax of $5 per $1,000 of assessed value, rising to $20 per $1,000 of assessed value.
But in B.C., the government was forced to maintain the lower tax level for provincial residents indefinitely after it became known that two-thirds of those paying the speculation tax lived in B.C.
The B.C. government expects to bring in $487 million over three years through this tax, roughly the same amount that the Ontario NDP plans to bring in every year.
The NRST only took in $173.8 million between April 21, 2017 and Feb. 16, 2018.
The new NDP speculation tax would apply everywhere the NRST does – Toronto, Barrie, Brant, Brandford, County of Dufferin, Durham Region, Guelph, Haldimand County, Halton, Hamilton, City of Kawartha Lakes, Niagara, Northumberland, Orillia, Peel Region, Peterborough and region, County of Simcoe, Waterloo, County of Wellington, and York Region.
aartuso@postmedia.com
NDP propose whopping new housing speculation tax
Antonella ArtusoMore from Antonella Artuso
Published:June 1, 2018
Updated:June 1, 2018 12:34 PM EDT
In this file photo, a for sale sign sits on the yard of a home in Toronto, Ont. on Tuesday April 25, 2017.Ernest Doroszuk / Toronto Sun/Postmedia Network
Owners of second properties could face thousands of dollars in new taxes every year under the Ontario NDP plan to target housing “speculators” throughout the Golden Horseshoe.
Once fully implemented, the tax on an applicable house assessed at $735,021 – the average selling price of a residential property in Toronto in 2017 – would be $14,700 annually.
The NDP are anticipating this new tax combined with the existing Non-Resident Speculation Tax (NRST), which would stay in place, will bring in a whopping $671 million in its first full year and every year after that for the life of a first term of government.
The NDP’s election platform, Change for the Better, pitches this new tax as a way to make housing more affordable to Ontarians.
“Housing speculation and flipping are driving up housing prices,” the platform says. “We will implement a new speculation tax that will not be limited to foreign buyers … It will be targeted toward foreign and domestic speculators who do not pay tax in Ontario.”
Currently, Ontario only charges foreign buyers with a one-time 15% speculation tax (NRST) based on the value of the property.
The NDP plan would keep that tax, but add a second annual speculation tax that applies to both foreign and domestic property owners.
The NDP speculation tax is based on the B.C. model, currently the subject of a class-action lawsuit by out-of-province homeowners.
B.C. had to ratchet back the scope of its speculation tax after it hit its own residents particularly hard, including those with vacation properties.
Ontario NDPers say they would work to ensure their version of the tax does not apply to family cottages, and that it doesn’t negatively impact rental stock.
“It will not apply to homes or residences that are rented out,” an NDP spokesman said. “It would apply to properties that have been left vacant for a significant period of time.”
Like the B.C. tax proposal, the Ontario NDP plan to begin with an annual speculation tax of $5 per $1,000 of assessed value, rising to $20 per $1,000 of assessed value.
But in B.C., the government was forced to maintain the lower tax level for provincial residents indefinitely after it became known that two-thirds of those paying the speculation tax lived in B.C.
The B.C. government expects to bring in $487 million over three years through this tax, roughly the same amount that the Ontario NDP plans to bring in every year.
The NRST only took in $173.8 million between April 21, 2017 and Feb. 16, 2018.
The new NDP speculation tax would apply everywhere the NRST does – Toronto, Barrie, Brant, Brandford, County of Dufferin, Durham Region, Guelph, Haldimand County, Halton, Hamilton, City of Kawartha Lakes, Niagara, Northumberland, Orillia, Peel Region, Peterborough and region, County of Simcoe, Waterloo, County of Wellington, and York Region.
aartuso@postmedia.com
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