On April 20, 2017, the Ontario government introduced a 16‐point plan to “help more people find affordable homes, increase supply, protect buyers and renters and bring stability to the real estate market” The plan was announced in reaction to a perceived housing crisis in Toronto and the surrounding areas, amid skyrocketing house prices The government is calling the measures “Ontario’s Fair Housing Plan” While the most of the proposed changes will take effect as of April 21, 2017, the plan is currently “proposed legislation”, meaning that it will need to go through the legislative approval process before enactment As such, there may be changes to the plan prior to its implementation Four of the most significant aspects of the government’s plan: Introduction of a Non‐Resident Speculation Tax (“NRST”) Expansion of rent control to all private rental units across Ontario Amendment to the Residential Tenancies Act to “further protect tenants and ensure predictability for landlords” […]
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