Coping with the housing crisis: Liberal Party proposes to cancel new housing development fees and reduce home purchase costs
Ontario may hold early elections next year, and politicians are gearing up to prepare for it. According to the plan proposed by the Liberal Party of Ontario to reduce housing costs, the province will allow first-time homebuyers and elderly people who reduce their housing size to be exempt from paying land transfer taxes.
Ontario Liberal Party leader Bonnie Crombie announced on Wednesday that non-profit residential builders will also be exempt.
Bonnie Kirby said that this plan will save an average of $13500 for new homebuyers and seniors, aimed at addressing the housing crisis "disaster" under Governor Doug Ford's leadership. In this disaster, housing prices and rents have skyrocketed beyond the affordability of many Ontarians, and camping sites have also emerged in parks.
Image source: counselpa
Previously, the Liberal Party also promised to reduce income tax.
Doug Ford was unable to build the new homes needed by Ontario, "said Crosby in a statement
The Liberal Party's plan will also eliminate development fees for new housing, reduce the cost of family homes by up to 170000 yuan, and provide funding to municipal authorities to cover infrastructure costs.
Krembi also promised to implement a "phased" rent control plan, provide resources to resolve the backlog of disputes in the landlord tenant committee, and establish a "tenant emergency rental assistance" fund to provide short-term interest free loans to tenants facing financial emergencies, otherwise they may face eviction.
The former mayor of Mississauga stated that the plan will cost 3.6 billion yuan.
Source link:
https://www.thestar.com/politics/provincial/bonnie-crombies-housing-plan-would-axe-land-transfer-tax-for-first-time-home-buyers/article_32699f94-b7cd-11ef-abea-2357312870e1.html