In his mandate letters today, the PM has instructed the Ministers of Housing & Diversity to spearhead:
---Review of the minimum down payment for investment properties (This means 20% down payment for investment properties could become 25%, 30%, or maybe even35%. And this also means buyers of investment properties will ramp up their bids higher before the new down payment requirement is implemented);
---Anti-flipping tax—requiring homes to be held for 12 months;
---A temporary ban on foreign buyers of non-recreational residential property;
---Increased consumer protection and transparency in real estate transactions including the ban on blind bidding;
---Rent-to-own program,
--- New Housing Accelerator Fund to increase housing supply;
---Preventing “renovictions” ( Landlord evicts a tenant by claiming they will do major renovations);
--- Amendments to the Income Tax Act to require landlords to disclose in their tax filings the rent they receive pre-and post-renovation and to pay a proportional surtax if the increase in rent is excessive;
Plus:
---Tax-free First Home Savings Account (anecdotal);
---Doubling of the First-Time Home Buyers’ Tax Credit ( anecdotal);
Update one:
Friday, the Office of the Superintendent of Financial Institutions (OSFI) confirmed that the minimum qualifying rate for uninsured mortgages will be plus 2% or 5.25%.
OSFI said, " we will continue to monitor the appropriateness of the minimum qualifying rate and will make further adjustments, if conditions warrant."
---Review of the minimum down payment for investment properties (This means 20% down payment for investment properties could become 25%, 30%, or maybe even35%. And this also means buyers of investment properties will ramp up their bids higher before the new down payment requirement is implemented);
---Anti-flipping tax—requiring homes to be held for 12 months;
---A temporary ban on foreign buyers of non-recreational residential property;
---Increased consumer protection and transparency in real estate transactions including the ban on blind bidding;
---Rent-to-own program,
--- New Housing Accelerator Fund to increase housing supply;
---Preventing “renovictions” ( Landlord evicts a tenant by claiming they will do major renovations);
--- Amendments to the Income Tax Act to require landlords to disclose in their tax filings the rent they receive pre-and post-renovation and to pay a proportional surtax if the increase in rent is excessive;
Plus:
---Tax-free First Home Savings Account (anecdotal);
---Doubling of the First-Time Home Buyers’ Tax Credit ( anecdotal);
Don't forget investors now make up more than 25% of Ontario homebuyers, pushing prices higher.
But some critics feel the plan won’t do enough to generate housing supply or bring down prices.
Update one:
Friday, the Office of the Superintendent of Financial Institutions (OSFI) confirmed that the minimum qualifying rate for uninsured mortgages will be plus 2% or 5.25%.
OSFI said, " we will continue to monitor the appropriateness of the minimum qualifying rate and will make further adjustments, if conditions warrant."
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