Ontarians Say the Foreign Speculation Tax on Housing Was a Good Idea

TORONTO, ON--(Marketwired - June 13, 2017) - A large majority of Ontarians, 81%, support the introduction of a 15% Non-Resident Speculation Tax (NRST) on home purchasers who are not Canadian citizens or permanent residents, shows new research conducted by Ipsos and commissioned by the Ontario Real Estate Association (OREA), Ontario Home Builders' Association (OHBA) and Federation of Rental-Housing Providers of Ontario (FRPO). Full study results are being released today at the Housing Summit, an initiative born of the three associations' collective interest in keeping home affordability, consumer choice and housing supply a priority for political Parties in the 2018 election.

Sean Simpson of Ipsos Public Affairs will reveal Ontarians' sentiment on a variety of housing related issues, including their impressions of the Fair Housing Plan and the importance of home affordability as an issue in the 2018 election. A fireside chat with Finance Minister Charles Sousa, and moderated by Steve Paikin, host of TVO's The Agenda, will take place over the noon hour. Academia, economists, housing industry leaders, MPPs and senior government officials will take part in a full day of panel discussions on a range of housing topics. Click here to see a copy of the Housing Summit agenda.

As advocates for greater home supply and home affordability in the province, OREA, OHBA and FRPO have joined forces to ensure that these issues remain a priority for Party leaders and policy makers. The three associations say the solution to home affordability is increasing consumer choice and the supply of housing in the province by streamlining the building approvals process and reducing red tape, which is preventing new homes and rentals from coming to market.

To read a copy of the full Ipsos factum, visit https://www.ipsos.com/en-ca/news-polls/oreaindex-2017-06-13.

QUOTES

"Ontario's Realtors are committed to working with government to keep the Canadian dream of home ownership within reach for every Ontarian. The ultimate solution is to increase the supply of housing in the marketplace including reducing the regulatory hurdles and red tape that unnecessarily delay projects and drive up costs."

-Tim Hudak, Chief Executive Officer, OREA

"As the industry that builds 95 per cent of all new housing in Ontario, home builders know that increasing supply is the key to improving affordability."

-Joe Vaccaro, Chief Executive Officer, OHBA

"FRPO welcomes a fulsome discussion with government and all interested parties about the future of Ontario's rental sector. This includes the need to provide a strong rental sector that meets housing needs."

-Jim Murphy, Chief Executive Officer, FRPO

OREA represents 70,000 brokers and salespeople who are members of the 39 real estate boards throughout the province. OREA serves its REALTOR® members through a wide variety of professional publications, educational programs, advocacy, and other services. www.OREA.com

OHBA is the voice of the land development, new housing and professional renovation industries in Ontario. OHBA represents over 4,000 member companies, organized through a network of 29 local associations across the province. www.ohba.ca

FRPO is the province's leading advocate for quality rental housing. FRPO represents over 2,200 rental housing providers who supply and manage homes for over 350,000 tenant households across Ontario. www.frpo.org