Steven Del Duca announced his plan to force real estate speculators sitting on land to get on with building new homes or be charged with a new “use it or lose it” speculators’ tax. Our plan will also target underused government properties for development of new, affordable homes.
The Ontario Liberal plan will tackle skyrocketing housing prices head-on by building 1.5 million new homes over the next 10 years, doubling the pace of homebuilding and bringing affordability back to Ontario’s housing market.
The Ontario Liberal plan will:
- Impose a new “use it or lose it” levy on these lands to force those speculators to get building – or sell to someone who will;
- Introduce a new tax on vacant urban homes at 2% of their assessed value and increase that tax on homes owned by non-Canadians; and
- Launch a new Ontario Home Building Corporation to develop underused government properties into new, affordable homes and selling only to first-time homebuyers.