My question is to the Minister of Finance.

I hear concerns from my constituents about the housing market. Parents ask me how their children will be able to afford family homes in their communities. Young individuals are worried about their future in this province and if they will still have an opportunity for home ownership.

Speaker, I won’t mince words. Many people are worried about the housing situation they currently face in Ontario. That is why our government tabled our most recent housing plan last week. An essential part of this plan is increasing the non-resident speculation tax rate.

Can the Minister of Finance please explain why it was essential to increase the rate to 25% when it was just increased to 20% in March of this year?

Speaker, the federal government recently introduced in the 2022 budget a ban on foreign investors buying Canadian residential property. The federal government plan would completely restrict foreign buyers from purchasing a property anywhere in our country, effective January 2023.

With our government increasing non-residential speculation tax rates at the same time as the federal government introduces their restriction on foreign buyers, it appears that this is creating an overlap in regulations.

Speaker, could the Minister of Finance please tell us how our plan differs from what the federal government is proposing and how this will help my constituents enter the housing market?