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Well, nothing really…
During today’s Meeting with Charles Souza and John Tory didn’t clarify things much. Souza echoed what I generally say when people ask why real estate is so expensive here… BECAUSE PEOPLE LIKE LIVING HERE, AND PEOPLE AROUND THE WORLD GOT WIND OF HOW GREAT IT IS.
Souza admitted that they discussed the need to tax speculators and foreign buyers to stabilize the market – but nothing has been set in stone yet. “stay tuned” as April 28th is when the budget will be released and he says a ‘comprehensive measure’ will be put in place.
He mentioned that while they still want to make sure to take protective measures with building applications- they most definitely want to streamline the procedure and approve more building to help eliviate the pressure on exisiting dwellings and desirability.
The mention of a speculation tax seemed promising and of primary importance. Speculation is a big driver, vacancy might be a driver; they don’t really know what those measurements are – but they are committed to finding out.
I think everyone needs to come to the realization that the GTA has become expensive – like other world cities this was inevitable. Home ownership is no longer a right but a luxury – as many in London and Manhattan have already figured out.
Let’s circle back on the 28th and see what measures are put in place – we’ll go from there.