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The Pros And Cons Of Non-Resident Spe Simulation In Ontario

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As of April 24, 2017, the Ontario government released its Fair Housing Plan, which imposed a 15 per cent Non-Resident Spe culation Tax. (land transfer tax) The Non-Resident Speculation Tax applies to any potential property buyer who is not a Canadian citizen or permanent resident under Canadian immigration laws. (minister quote) The tax on foreign home buyers was created with the main goal of helping relieve stress that comes with the seemingly constant aggressive bidding wars and defensive bidding of the real estate market in the Greater Golden Horseshoe Area. The Greater Golden Horseshoe Area is referring to a broad area surrounding Toronto, including Niagara, Durham, Northumberland, Toronto, Peterborough, Kawartha Lakes and many more. This …show more content…

They use the properties as a safe place to store their money until they are ready to sell the property. The main concern with these investment properties is that many of these foreign investors did not rent or live in these properties so they were vacant. There are many positives to Ontario’s Non-Resident Speculation Tax, such as discouraging foreign investors to purchase properties and leave them vacant, increasing the availability of housing for Canadian residents, and introducing money back into the economy of the Greater Golden Horseshoe Area. In addition to these positives, there has been a decrease in foreign buying in these competitive markets of Ontario. According to Ontario’s Minister of Finance, Charles Sousa, “the government is concerned that non-resident investors—who are not planning on living in the province—have been purchasing Ontario homes primarily for speculation purposes.” (minister …show more content…

When foreign buyers empty purchase their properties, there is no money being spent in the community and little money being put back into the area’s economy. When foreign investors purchase property in Ontario, there is no concern about the province’s population or economy. They just have concerns about their personal investment and gain. Foreign investors’ main concerns are their return on their investment, not on the province’s prosperity. In addition, with foreign buyers and empty buying comes the lack of opportunity and execution of infill. Infill is defined by the American Planning Association as “redevelopment that optimizes prior infrastructure investments and consumes less land that is otherwise available.” (infill) Infill development is meant to be the most efficient utilization of land, resulting in more compact land use and development. (infill) This can happen in a number of ways, including demolishing single-family homes and in turn developing a multi-family home or condominium complex where that single-family home once stood, or constructing a new building on a vacant lot. (infill TO) In addition, it is also possible to infill by building an addition to an existing building or renovating so that an additional space is in livable and rentable condition. There are situations where home owners can qualify for compensation and financial aid to build additions to allow their home to be

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