Skip to content
1.905.925.MOVE (6683)
TwitterFacebookGoogle+Linkedin
SCHRYER Real EstateSCHRYER Real Estate
SCHRYER Real Estate
  • About
  • Listings
  • Blog
  • Communities
    • Pickering
    • Whitby
    • Clarington
    • Oshawa
    • Brooklin
    • Ajax
    • Port Perry
  • Contact
  • About
  • Listings
  • Blog
  • Communities
    • Pickering
    • Whitby
    • Clarington
    • Oshawa
    • Brooklin
    • Ajax
    • Port Perry
  • Contact

What is a Non-Resident Speculation Tax (NRST)?

What is a Non-Resident Speculation Tax (NRST)?

In an effort to manage the out-of-control prices facing home buyers in the Greater Golden Horseshoe (GGH), the Provincial Government of Ontario recently introduced “The Fair Housing Plan”, which includes several measures that will be taken to encourage affordable housing for Ontario residents. One of these measures is the Non-Resident Speculation Tax (NRST). The NRST is a 15 percent tax on non-Canadian citizens, non-permanent residents and non-Canadian corporations buying residential properties in the GGH. The tax, which was implemented on April 21, 2017, is designed to offer Ontario residents – particularly those in the Toronto area – some relief from constant bidding wars and pre-emptive offers. The NRST will apply in addition to the general land transfer tax in Ontario.

Greater Golden Horseshoe Hotspot

In the GTA, where there is an unsustainable demand for homes, prices have shot up by 33% in the last year — with neighbouring communities also reporting massive price increases. Ontario Premier, Kathleen Wynne, has described this current market as a “frenzy” that needs to be calmed, and is hopeful that the new tax will help free-up properties that are being purchased on speculation that they can be resold – or “flipped” – for a much higher profit. This same network of speculators is also avoiding taxes by classifying the properties they buy as principal residences.

What Type of Property Will Be Subject To The Tax?

The NRST applies to land transferred containing at least one and not more than six single family residences. Dwellings included are: detached houses, semi-detached houses, townhouses and condos. It does not apply to multi-residential rental apartment buildings with more than six units, or agricultural, commercial or industrial land.

What Areas Are Included?

The NRST applies to homes purchased in the Greater Toronto Area and surrounding geographic areas. These include: Brant, Dufferin, Durham, Haldimand, Halton, Hamilton, Kawartha Lakes, Niagara, Northumberland, Peel, Peterborough, Simcoe, Toronto, Waterloo, Wellington and York.

Exceptions & Rebates

Refugees and nominees under the Ontario Immigrant Nominee Program would not be required to pay the NRST. A rebate would be available for those who subsequently attain citizenship or permanent resident status as a well as foreign nationals working in Ontario and international students.

Everything you need to know about buying a house

SUBSCRIBE TO BLOG VIA EMAIL UPDATES
RECENT POSTS
  • Bowmanville Clinic Pharmacy: Offering Service Plus For All Customer Needs
  • Your Spring Gardening Checklist
  • Knox Christian School: Excellence In Education In The Durham Region
  • Durham Welcomes New Sports Camp For Kids This Summer
  • Choosing The Right Neighbourhood For Your Family
POSTS BY TOPIC
  • Bidding War(1)
  • Blog(7)
  • Bowmanville(5)
  • Buying a Home(9)
  • Cleaning Hacks(3)
  • COMMUNITIES(7)
  • Down Payment(1)
  • Downsizing(1)
  • Durham Region(16)
  • Enniskillen(1)
  • Featured(31)
  • First Time Home Buying(1)
  • Home Buying(3)
  • Home Improvement(4)
  • Home Inspection(3)
  • Home Renovation(3)
  • Home staging(1)
  • Home Value(3)
  • Homeowners(2)
  • Oshawa(1)
  • Real Estate Agent(3)
  • Real Estate Law(1)
  • Sell Your Home(2)
  • Smaller Home(1)
  • SPIS(1)
  • Spring Cleaning(1)
  • Staging a Home(3)
  • Uncategorized(9)
  • Value of Your Home(5)
Contact Info
  •    242 King St E. Suite 1, Oshawa, ON L1H 1C7
  • 1.905.925.MOVE (6683)
  • 1.905.665.2500 for Brokerage
  • Greg Schryer
    Sales Representative
  • greg@schryer.ca
Recent Posts
  • Bowmanville Clinic Pharmacy: Offering Service Plus For All Customer Needs
    17 Jul 2018
  • Your Spring Gardening Checklist
    16 Apr 2018
  • Knox Christian School: Excellence In Education In The Durham Region
    Knox Christian School: Excellence In Education In The Durham Region
    20 Mar 2018
LATEST TWEETS
Tweets by @ASKSchryer
Subscribe to Our Blog
Email:

Copyright © 2019 SCHRYER Real Estate | All Rights Reserved | Privacy Policy | Sitemap

MLS®, REALTOR®, and the associated logos are trademarks of The Canadian Real Estate Association. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by the Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned and administered by CREA.