It appears local councils have little power to be able to control who buys property in their communities.
Recently Belleville Councillor Kelly McCaw asked city staff to investigate the city’s options in regards to a “need to reside” by-law or a special levy on purchases to discourage non-residents from speculating on property in the city.
McCaw and others believe out of town property investors are driving real estate prices ever higher and creating a glut of short term rental accommodations.
Staff did research the question and in a nutshell council does not have the ability to control who buys what in the community.
Any such power lies with the provincial or federal government.
Belleville city council will see the staff report at a meeting Monday (March 14).
