The Fair Housing Plan was introduced by the former Liberal provincial government as a solution to runaway home price growth; year-over-year values had spiked over 30% in the Greater Toronto Area, prompting concerns.
According to the government of Canada and the Canada Revenue Agency, tax non-compliance and money laundering can be a significant factor causing the rising cost of housing in the country’s hottest markets.
It recently came to my attention that the province of Ontario had not published any new data on foreign buyers in the residential market since Doug Ford was elected. It wasn’t sitting well with people, and the government responded quickly.
To get a better grasp on the housing market, we reached out to some industry professionals to get their opinions on a few hot topics. Our first Q&A was with Ben Myers, President of Bullpen Research & Consulting Inc.
Earlier this year, the Centre for Urban Research and Land Development released a report saying that the City of Toronto could afford to hike residential property taxes by approximately 20% when compared to the median GTHA municipality.