Item - 2016.EX20.44
Tracking Status
- This item was considered by Executive Committee on December 1, 2016 and was deferred indefinitely. Consult the text of the decision for further information on the deferral.
- See also MM22.16
EX20.44 - Request for a Report on Ownership of Homes in the City of Toronto by Non-Canadian Resident Investors
- Decision Type:
- ACTION
- Status:
- Deferred Indefinitely
- Wards:
- All
Committee Decision
The Executive Committee deferred consideration of the item indefinitely.
Origin
Summary
City Council on November 8 and 9, 2016, referred Motion MM22.16 to the Executive Committee.
As property values are continuing to increase in the City of Toronto, a recent poll conducted by Mainstreet Research found 71 percent of decided respondents favoured a tax on non-Canadian residents. More specifically, the poll found 52 percent of respondents favoured a tax on non-Canadian residents. Another 27 percent were unsure about such a levy and 21 percent of those surveyed opposed a special tax.
Mainstreet surveyed 1,045 Toronto residents last month and the poll has a margin of error of three percent, 19 times out of 20.
This Motion is asking for a report to calculate the number of properties in the City of Toronto that have been purchased or sold by non-Canadian residents.
Background Information
https://www.toronto.ca/legdocs/mmis/2016/ex/bgrd/backgroundfile-98327.pdf