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 the whole province and increase the speed from 15% to twenty%.
To learn that the federal government finally implemented this necessary policy is a Green win and welcome news. It is going to help reduce speculation and lift revenue that might be used to construct reasonably priced 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 reasonably priced housing and necessary tools like these to combat speculation will end in more of the identical: deep-pocketed investors buying up properties in unprecedented numbers, which is able to make life much more unaffordable for Ontarians.
Homes needs to be for people first. Not wealthy speculators.”
For more information on the Ontario Greens’ housing technique to construct livable and reasonably priced communities: gpo.ca/housing
