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www.insideHALTON.com | OAKVILLE BEAVER | Friday, April 2 1 , 2 0 1 7 | 12 M ayor Rob B u rto n applauds Province's housing in itia tiv e s by Nathan Howes Oakville Beaver Staff AyA KITCHENS OF OAKVILLE 1195 NORTH SERVICE ROAD WEST 905.847.1522 AYAOAKVILLE.COM * I n s to c k m e r c h a n d is e o n l y S o m e r e s t r i c t i o n s a p p ly . S a le it e m t o th e e q u a l o r le s s e r v a lu e o f t h e it e m p u r c h a s e d . M ANY SOFA S E T STYLES TO C H O O SE FRO M MANY STYLES & FABRICS AVAILABLE MANY MIRRORS TO CHOOSE FROM. Come see why we have been chosen the BEST IN FURNITURE/ ACCESSORIES! UPHO LSTERED HEADBOARDS With the announcement oF Ontario' s new Fair Flousing Plan Thursday, April 20, Oakville Mayor Rob Burton is commending the Province For taking action to curb unsustainable increases in housing costs in the Greater Golden Florseshoe (GGF1R). The provincial government revealed 16 measures intended to calm the rising cost ol housing in the area, including a new 15 per cent Non-Resident Speculation Tax (NRST) on non-Canadian citizens, non-permanent residents and non-Canadian corporations buying residential properties containing one to six units in the GGHR. It also includes a new rule empowering municipalities to implement a tax on vacant homes, as well as the introduction ol a targeted $125-m illion, five-year program to encourage the construction of new purpose-built rental apartment buildings by rebating a portion of development charges. "W hat has been very clear from the start is that rampant offshore speculation has skewed Oakville' s housing market with excess demand," stated Burton, in a media release issued yesterday "Homes should be places to live first and places to invest second and I'm pleased to see that fundamental idea being reinforced with this action." According to figures released by the Oakville, Milton and District Real Estate Board (OMDREB), the median residential sale price of homes in Oakville increased 4 7 .7 7 per cent between March 2 0 1 6 and 2017. Unchecked offshore speculation has also resulted in a drastic increase in empty homes in Oakville, stated the release out of the mayor' s office. In March, Burton called on Halton Region staff to study vacant homes across Halton. According to the 2 0 1 6 Canadian census, roughly 5,000 homes in Halton are currently listed as "unoccupied" private dwellings, with nearly half of all unoccupied homes concentrated in Oakville. Oakville Mayor Rob Burton "Every time you leave a home empty, you lose a little bit of light and life from that neighbourhood," said Burton. "This is an issue of particular concern for Oakville residents and I am especially pleased to see the Trovince granting municipalities the power to do something about it," said the mayor. According to the Ontario government, the province' s average vacancy rate dropped to 2.1 per cent in the fall of 2 0 1 6 , from 2 .4 per cent in 2015, the lowest vacancy rate since October 2003. In Toronto, the vacancy rate was 1.3 per cent, the lowest in 12 years. "Teople work hard to provide for their families. They should be able to rent or enter the real estate market without making great sacrifices or taking on a huge amount of risk," said Ontario Premier Kathleen Wynne, in a media release. "At the same time, we recognize the need to protect the significant investment homeowners have made. This plan balances those needs to stabilize the market and prevent a sharp correction that would be harmful to everyone." J p J O H N P A L A D IN O LA WO F F IC E S O L ID RO SEW O OD D IN IN G S E T S www.jplaw.ca 447 SOUTH OAKVILLE CENTRE (form erly HopedaleM all) 905. 847.2975 905. 635.8779 BURLINGTON M A LL Classique-Decor.com Speers Road, Suite 200B, Oakville, ON L6 K 3S7 Phone: 905 .842.3311 Fax: 905 .842.7433 VISA · REAL ESTATE · WILLS & ESTATES CO M M ERCIA L LEASING · CORPORATE