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NDP housing critic motions for speculation and vacancy tax
The motion urges the Ford government to use tax policy to deal with record prices in Toronto real estate By Radheyan Simonpillai
Juan Rojas / Unsplash
Ontario NDP housing critic Jessica Bell introduced a motion at Queen’s Park for a speculation and vacant home tax bill just as prices in the Toronto real estate market reached the highest levels ever.
For the month of May, the average price for a detached home was $1,716,272 in Toronto and $1,331,176 in the 905, according to the Toronto Regional Real Estate Board (TRREB). Premier Doug Ford’s majority government will likely defeat the motion, which takes a policy approach to remedying those prices, and stick to using Municipal Zoning Orders, which can override environmental concerns, to fast-track developments.
Ontario's official opposition is pushing the Ford government to implement a tax on empty homes and real estate speculators to increase the stock of affordable housing in the Greater Toronto Area and beyond as real estate prices soar even in the face of the COVID-19 pandemic.
Toronto home prices hit all-time high at $1 1M despite sales slump bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.