QUEEN’S PARK– Mike Schreiner made the next statement in response to news that the Ontario government is increasing the Non-Resident Speculation Tax to twenty per cent and expanding it provincewide:
“For the past 12 months, Ontario Greens have called on the federal government to expand the Non-Resident Speculation Tax (NRST) to cover all the province and increase the speed from 15% to twenty%.
To learn that the federal government finally implemented this essential policy is a Green win and welcome news. It can help reduce speculation and lift revenue that may be used to construct inexpensive housing.
But this policy alone is not going to solve the housing crisis.
To properly address rampant speculation and the financialization of housing, Ontario Greens are calling for the Ford 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 inexpensive housing and essential tools like these to combat speculation will end in more of the identical: deep-pocketed investors buying up properties in unprecedented numbers, which can make life much more unaffordable for Ontarians.
Homes must be for people first. Not wealthy speculators.”
For more information on the Ontario Greens’ housing technique to construct livable and inexpensive communities: gpo.ca/housing