1. A 15-percent Non-Resident Speculation Tax (NSRT) on home purchases made by non-citizens, non-permanent residents, and foreign corporations is established to control rapid price increases on properties. This can potentially work, as there are a lot of potential foreign buyers living in Toronto.
2. Rent control was expanded to include private rental units built after 1991. This is not received well by builders, with some even cancelling rental projects in their pipeline because of this law.
3. A standard lease for all tenants in the province of Ontario was established. This provides protection for tenants while also giving better predictability for landlords. Own-use evictions are also cracked down.
4. Ontario is now looking at its own surplus land to see which properties can be used for development purposes. While this does not address the land supply issues in Toronto, it at least opens up to opportunities that maximize available land.
5. Ontario has just allowed Toronto and other municipalities to introduce vacant homes property tax to force owners of empty homes to either rent them out or sell them. On paper, this plan may work, but it may be tricky to make this work.
6. Property taxes for apartment buildings are made similar to taxes of other residential properties. This might be designed to make properties more rental-friendly, but many builders may not risk turning their properties into rentals.
7. A $125 million program has been announced to enhance construction of new rental buildings through developmental charge rebates. However, many builders think that the budget for this program is too small relative to investments made on rental construction projects.
8. The state has empowered municipalities to create taxes such as the vacant land tax. These taxes may push developers to accelerate building plans to accelerate land development.