(Source: The Globe and Mail)
Ontario Premier Dalton McGuinty and Finance Minister Dwight Duncan may wake up one morning a few years from now and have one of those “What was I thinking?” moments.
They will look out of their Queen’s Park windows and see a Toronto changed for the worse. Two-bedroom and larger condominiums will be significantly less affordable and the Greater Toronto Area’s supply of family-sized rental apartment suites will be sinking faster than the Titanic.
The GTA will be turning into a metropolis of small one-bedroom and one-bedroom and den suites. Only the rich will enjoy condos more than 800 square feet in size and even they will be looking at paying a premium of at least 6 per cent more than today’s prices — before factoring in any rise in construction costs.
Read the full article by Terrence Belford “Harmonized tax will hit housing hard, builder say” in the Globe and Mail (May 1 2009).