Close X
Wednesday, December 25, 2024
ADVT 
National

No B.C. Style Tax, Kathleen Wynne Says Ontario Will Make Small Change To Help First Time Home Buyers

Darpan News Desk The Canadian Press, 10 Nov, 2016 12:27 PM
    TORONTO — Ontario Premier Kathleen Wynne says her government's plan to help first-time home buyers will involve a "small change," not a radical shift in the way the housing market works in the province.
     
    The provincial Liberal government will announce the strategy in Monday's fall economic statement, but Wynne is downplaying expectations of broader action to address soaring home prices in the Greater Toronto Area.
     
    There were a record 9,768 properties sold in the Greater Toronto Area last month — up 11.5 per cent year-over-year— while prices jumped 21 per cent in the same period to an average of $762,975.
     
    Wynne says first-time buyers have a real challenge saving a big enough down payment to get into the market, so the government will make "some small adjustments" to help them out.
     
    She says the province doesn't have all the data it would need to make larger changes, and insists Ontario will not follow British Columbia's lead to impose a 15 per cent tax on foreign buyers in Vancouver.
     
    Home sales in Vancouver began to dip before the tax was introduced in August, but those declines have accelerated since, plunging nearly 39 per cent last month compared with October 2015.
     
    The Ontario Real Estate Association has asked the government to exempt first-time buyers from the land transfer tax to help them get into the market.

    MORE National ARTICLES

    Canada And B.C. Contribute Total Of $90 Million For New Building At Simon Fraser University

    Canada And B.C. Contribute Total Of $90 Million For New Building At Simon Fraser University
      $90M investment will support jobs, expand research and foster innovation in the technology sector

    Canada And B.C. Contribute Total Of $90 Million For New Building At Simon Fraser University

    Will Anti-Trump Immigrant Wave Prove Strong Enough For Hillary?

    Will Anti-Trump Immigrant Wave Prove Strong Enough For Hillary?
    Americans went to the polls in large numbers on Tuesday after a bitter, divisive presidential campaign that reached its peak Monday night at a star-studded rally for Democrat Hillary Clinton and at a theatrical assembly for Republican Donald Trump.

    Will Anti-Trump Immigrant Wave Prove Strong Enough For Hillary?

    Man Dies Of Injuries After Early-morning Homicide In New Westminster

    Man Dies Of Injuries After Early-morning Homicide In New Westminster
    Police in the Metro Vancouver city say officers responded to a call from ambulance personnel just before 4 a.m., when they found and arrested a suspect.

    Man Dies Of Injuries After Early-morning Homicide In New Westminster

    Barge Flips, Sinks, Weeks After Tug Runs Aground Along B.C.'s Central Coast

    Barge Flips, Sinks, Weeks After Tug Runs Aground Along B.C.'s Central Coast
    BELLA BELLA, B.C. — The Heiltsuk Nation in British Columbia says a barge has flipped and sunk north of the site where a tug that ran aground last month still awaits removal.

    Barge Flips, Sinks, Weeks After Tug Runs Aground Along B.C.'s Central Coast

    Vancouver scoops two awards for conference marketing plan

    Vancouver scoops two awards for conference marketing plan
    Innovative, multiplatform marketing campaign recognized by Destination Canada and BCAMA

    Vancouver scoops two awards for conference marketing plan

    Trudeau Expected To Make Announcement On West Coast Spill Response

    VANCOUVER — The prime minister is expected to make an announcement in Vancouver today about the future of responses to tanker and fuel spills along the West Coast.

    Trudeau Expected To Make Announcement On West Coast Spill Response