More Homes For Everyone Act￼
On March 30, 2022, the Ontario Government proposed a new bill called the “More Homes For Everyone Act”. It aims to increase the province’s housing supply by cracking down on speculators who are driving up the cost of housing, protecting homebuyers from predatory development practices and creating more housing options Increasing the non-resident speculation tax rate to 20 percent, expanding the tax beyond the Greater Golden Horseshoe to apply provincewide and closing loopholes to fight tax avoidance, effective March 30, 2022. The tax applies to homes purchased anywhere in Ontario by foreign nationals, foreign corporations or taxable trustees. If you are a foreign investor, looking to purchase in Ontario, please speak with a local licensed REALTOR® to ensure you know the risks and benefits of investing in our country.