Ontario announces 16 new measures to curb Toronto-area housing prices
Sometimes you need a scalpel, sometimes you need a sledge hammer
- 15% speculation tax on non-Canadian citizens, non-permanent residents and non-Canadian corporations
- Rent controls for all buildings (previously was only on those built before 1991)
- Targeted $125m program to encourage construction of new rental apartment buildings
- Other supply measures
Prices around Toronto are up around 30% y/y. The horse has already left the barn and this is more-likely to cause a bust than it is to let a bit of air out of the bubble.
Here's the Premier making the announcement.