On Thursday, Premier Kathleen Wynne and the Government of Ontario announced steps that it will be implementing to "cool-off" and normalize the heated housing market.

Here's what you need to know :

  • 15% Non-Resident Tax applied to homes from Niagara to Oshawa

  • Application of new tax to assignments (references as paper-flipping) of new homes

  • Introduction of a Housing Supply Team to work with developers and municipalities to address the "red-tape" issues

  • Working with CRA to ensure taxes are paid on real-estate purchases and sales

  • Rent control on rental units

  • Changes to the Residential Tenancies Act

  • Potential new home vacancy taxes

  • Ensuring appropriate property taxes are charged to multi-residential properties

  • $125-million program to encourage construction of new rental apartment buildings

  • Create affordable-housing units with provincial lands

  • More flexibility for cities to use property taxes for new development projects

  • Updated Growth Plan to address density and unit sizes

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