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By December 2023, with increases in mortgage rates and the price of houses, the Bank of Canada reported that affordability was the worst since 1982. [24] Since the beginning of the COVID-19 pandemic in 2020, house prices saw a significant increase of over 34%. [25]
Instead, by the end of 2021, the Canadian Real Estate Association's House Price Index had risen by 26.6%, the fastest annual pace on record. [50] Condominiums accounted for the bulk of new housing in BC (54%) and Ontario (59%), [ 51 ] and investors constituted an increasing share of the buyers of these units (41% in Ontario).
Prior to the creation of MPAC, municipalities in Ontario had discretion on how they chose to assess properties. This created inequity across the province, as similar properties across the province had separate values. In 2022, MPAC sent out approximately 6 million property assessment notices, advising properties of their assessment value.
New homes valued up to $450,000 may be eligible for a 36% rebate on GST charged up to a maximum of $6,300. [17] Provincial sales tax rebate programs on new housing are offered in Ontario, British Columbia, Nova Scotia, Saskatchewan, and Quebec (for QST). Terms and conditions vary by province.
Ontario, the country's most populous province, is a major manufacturing and trade hub with extensive linkages to the northeastern and midwestern United States. The economies of Alberta, Saskatchewan, Newfoundland and Labrador and the territories rely heavily on natural resources.
In 2015, the Ontario government provided money to Thorold under the Small Communities Fund. [38] The city used the 4.6 million dollars in funding to start building an affordable housing complex for seniors. 14.8 million dollars through the National Housing Co-Investment Fund was also used for the project.
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The Province of Toronto is an urban secession proposal to split the city of Toronto and some or all of the Greater Toronto Area (GTA) [1] from the province of Ontario into a new Canadian province. Secession of Toronto, the surrounding region, or any other portion of the province from Ontario to create a new province would require an amendment ...