“For the past year, I have called on the government to expand the Non-Resident Speculation Tax (NRST) to cover the entire province and increase the rate from 15% to 20%.
To learn that the government finally implemented this important policy is a win and welcome news. It will help reduce speculation and raise revenue that can be used to build affordable housing.
But this policy alone will not solve the housing crisis.
To properly address rampant speculation and the financialization of housing, I am calling for the Premier’s government to:
- Implement a province-wide vacant homes tax and apply it to resident and non-resident owners of vacant homes
- Create a task force to adequately address the financialization of housing
- Place stronger regulations on short-term vacation rentals
More supply without investments in deeply affordable housing and important tools like these to combat speculation will result in more of the same: deep-pocketed investors buying up properties in unprecedented numbers, which will make life even more unaffordable for Ontarians.
Homes should be for people first. Not wealthy speculators.”