Last week, the Ontario government announced the More Homes For Everyone Act in order to make homes affordable in Ontario.
The plan is multifaceted and includes items like increasing the non-resident speculation tax rate to 20 per cent, working with municipalities to identify and enhance measures that will crack down on land speculation, and strengthening consumer protections for purchasers of new homes by doubling fines and extending building license suspensions to address unethical conduct by developers.
Premier Doug Ford spoke at the Ontario Real Estate Association conference last week regarding the act, and former OREA president Ray Ferris was in attendance.
He is happy to see more steps put in place to make homes easier to buy.
Likewise, he is pleased to see the government taking in multiple voices on the issue.
More information on the act can be found here.