Ontario Non-Resident Speculation Tax rate rises to 25 per cent

As of October 25, 2022, the Non Resident Speculation Tax rate (NRST) will be increased from 20% to 25% and continues to apply to all regions of the province. The NRST applies to the transfer of “designated land,” which is considered land that contains at least one and no more than six single family residences.

The provincial rationale behind the new increase to 25% is to deter foreign speculation in the housing market.

How the NRST is applied 

The NRST will continue to apply to individuals who are not Canadian citizens or permanent residents of Canada or by foreign corporations or taxable trustees.

Note: The NRST applies if any one of the transferees is a foreign entity or taxable…

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It's called the More Homes Built Faster Act

YES, it will allow a third living unit in every "single family home" across the province.

On October 25th, the Ford Government introduced the More Homes Built Faster Act, 2022 ("MHBFA”) - their third housing supply bill in the last 5 years.

OREA has led the charge in support of new measures to boost housing supply in Ontario and the MHBFA is a bold step towards getting more attainable homes built in communities right across the Province.

This is the second major pro-housing announcement of 2022 under Premier Doug Ford, and Ontario is on-track to becoming one of the most pro-housing jurisdictions in Canada.

The MHBFA includes five major REALTOR® recommendations including:

  • Enabling and expediting…

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