How Olivia Chow voted at council

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1. 2024.EX11.1ADOPTED

   Municipal Non-Resident Speculation Tax on Foreign Buyers of Residential Property

   As part of the Updated Long-Term Financial Plan considered in September 2023, City Council directed staff to report back with an implementation plan to introduce a new land transfer tax on foreign buyers of residential property in the City. This report recommends introduction of a new Municipal Non-Resident Speculation Tax on foreign buyers of certain residential property, effective January 1, 2025. The primarily objective of the Municipal Non-Resident Speculation Tax is to safeguard and enhance the availability of residential housing supply and to maintain a level of affordability in the residential real estate market by discouraging international buyers from purchasing property in the City of Toronto, particularly those buyers who do not intend to live in the property, or where the purchase is for purely speculative motives. Staff are recommending introduction of a 10% rate on the residential purchase price, which, when coupled with other land transfer tax related impacts, is expected to effectively deter real estate speculation. The Province of Ontario currently levies its own Non-Resident Speculation Tax of 25% of the purchase price on the purchase or acquisition of an interes…

   City Council · 2024-02-06 16:46 PM

   Adopt Item

   Olivia Chow's vote: Yes

   Majority required - EX11.1 - Adopt the Item

   Motion result

   Carried

   Recorded tally

   24-1

   Source outcome