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Mortgage Broker News | 31 Mar 2017, 08:15 AM Agree 0
And provides his own idea about how to best manage the city’s escalating real estate prices
  • Carlos Henao - Mortgage Teacher | 31 Mar 2017, 09:35 AM Agree 0
    I don't understand how this could be implemented. How would they find out which units are vacant? Are they going to demand that every unit in the GTA prove either the primary owners live there, or that there is a lease contract? Are they going to demand bank statements showing rent payments being deposited?
  • Arbella Dooman | 31 Mar 2017, 09:44 AM Agree 0
    They want to ck Hydro and water usage.
  • Murray Snedden | 31 Mar 2017, 10:55 AM Agree 0
    A more balanced Landlord Tenant Act may be another way to encourage potential Landlords to bring vacant space to market. Landlords take on significant risk with limited ability to obtain any form of security and going to the Rental Tribunal proves unsatisfying at best. Taking on all the risks that come with being a Landlord is not worth the risk for most. It is also insulting when the policymakers that created this mess propose to gain from it with a vacancy tax. How about some less politically motivated policy with some longer term thinking - find a policy balance that encourages all participants to play. It is not all investors sitting on newly built vacant condos, there are lots of potential basement apartments, etc. within existing homes. There is no question there is a source of rental housing supply that can be released, however the punitive approach is unlikely to achieve the desired result.
  • Omer Quenneville | 31 Mar 2017, 11:08 AM Agree 0
    The problem with a new tax, once it is in place it has no place to go but up. What started this problem was the double land transfer tax making it to expensive for the trade up market to move causing a shortage of listings. And so what are they going to do? Raise it.. Home ownership is the only thing left that people have to a secure retirement. They mess this up any further and we are going to have a real problem down the road. The level of government thinking that got us into this mess is not capable of finding a way out. Sorry John Tory, all of city council and Kathleen Wynne​. We need a whole new level of thinking down there in city hall and the Ontario legislature.. While the city has grown and become recognized internationally, the level of thinking is still hog town.
  • gbhamra@mortgagesofcanada.ca | 31 Mar 2017, 11:17 AM Agree 0
    What about the thousands of "snowbirds" who winter in Florida, Mexico and other warmer climates in the winter?
    If the checks on empty homes is done during the winter months, of course there will be a much higher vacancy rate. Also, what happens to the possessions of the people who travel south for the winter if they are forced to rent their homes/condos for part of the year. Moving and storage companies will have a field day!
    One thing everyone is overlooking is the fact baby boomers are transferring their wealth to their children and grand children and they have been the wealthiest generation ever. As this trend continues and accelerates, future generations will benefit greatly. This transfer of wealth has also allowed the next two generations to purchase far more expensive items than ever before.

  • Rick Kedzior | 31 Mar 2017, 11:50 AM Agree 0
    A typical answer from any Professional Politician is to "tax something" This is the answer for everything. How will that solve the problem of affordability and run away home prices? Make building infil or new subdivisions less onerous on the building community. How about getting rid of the double land transfer tax? That might be an incentive for Buyers thinking on down sizing. Solve the supply problem before you go creating another Tax. Sheesh
  • Arlene Demars | 31 Mar 2017, 02:15 PM Agree 0
    What in earth is wrong with our politicians? Rather than actually sitting down & trying to solve the affordability issues Canadians face they simply prevent access and raise fees. Now let's add another tax grab to add a little more insult to injury!! Sheesh....these people appear significantly moronic. Whose business is it whether a home is vacant or not? "Force homeowners to rent" ? Seriously? If a person travels for work or pleasure or otherwise, it's no ones business if it's left vacant or not. Property owners are paying education tax whether the owners live in them or not, whether they have children or not. Mindless tax grabs, onerous and poorly conceived mortgage rules, setting up a tracking system for CRA to track Canadians on the one tax break we have (no capital gains on principal residence) we know where this is going & it's not good...
  • Linda | 31 Mar 2017, 06:00 PM Agree 0
    In my opinion, implementing a tax on vacant homes is not going to make the prices more affordable. As a landlord myself, I would prefer to keep my property vacant till I find the right tenant that will look after and not destroy my property. All levels of government should ensure the new policies and laws will not jeopardize the market. Build more affordable housing. Adding tax after tax will just do great for the City and the province reducing the budget deficit. Hard working people may loose their only investment they rely on for retirement. Looking around the city all those old bungalows are being turned to brand new houses that not only make all neighbors feel great but also had all these trades working and keep the families going. The construction business is booming. If not for this market where will all these people find work? Supply and demand is the capitalism principle driving the market. House selling and purchasing market is not different and it is the biggest investment people make in their lifetime. Please do not destroy it.
  • Toronto realtor | 01 Apr 2017, 02:11 PM Agree 0
    Complete and utter nonsense! Where are these vacant units? This is nothing but a political move. Tory is trying to make himself look like a freaking saint who cares about the escalating real estate prices. The truth is that the higher the values, the more taxes they collect. That's money that they can spend on their pet projects to get re-elected. Bunch of liars! Licensing landlords is also another tax. Pet licenses is another tax. They just keep coming up with new ways to reach into your pockets. Maybe Tory should commission another study? That's his most favorite thing to do.
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