Since late 2016, the Ontario housing market has seen a surge in property prices. This prompted a policy response from the provincial government. This came in the form of 16 measures to help residents to get on the property ladder or get into the rental market at their actual income level- effectively targeting housing affordability in Ontario as the goal.
The measures that received the most attention surrounded implementing a foreign buyers tax (non-residents in Ontario) and allowing municipalities to impose a vacant home tax. The idea behind this was to deter or stop non-residents from parking their money in Ontario’s real estate market or holding homes purely as an investment.