At the City, we're doing what we can to shift the market towards more affordable options. We've put in place incentives to get developers to build rental apartments, instead of condos. We upped the requirement for family housing in new projects.
And we're investing a record $61 million through our Capital Plan into new housing, supporting new co-ops and social housing.
But housing prices continue to climb, and far outpace inflation or incomes. That's not healthy. And while the City can do a lot, we can't do everything.
That's why we proposed a speculation tax to the Premier. The goal is to discourage investors who buy a home just to make a quick buck -- who buy it and then, 6 months later, turn around and sell it again.
That's not fair to people, especially first-time buyers, who are trying to get into the housing market. It's especially unfair to young people who are struggling in a surging real estate market.
Add your name to support the call for a Speculation Tax