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  Canada Immigration Forum > About Canada > Real Estate & Mortgages > 15% tax on home purchases by non-resident foreigners in GTA area...
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15% tax on home purchases by non-resident foreigners in GTA area...




Ontario slaps 15% tax on foreign buyers, expands rent control in 16-point plan to cool housing market in GTA.

Ontario announced a slew of measures including a tax on foreign buyers and expanded rent control as part of a plan to temper escalating home prices in Toronto.

http://business.financialpost.com/personal-finance/mortgages-real-estate/ontario-slaps-15-tax-on-foreign-buyers-expands-rent-control-in-16-point-plan-to-cool-housing

http://www.cbc.ca/news/canada/toronto/wynne-housing-market-1.4077094

Is this implement really helps to slow down GTA soaring housing market??


 
RBO

Senior Desi
Member since: Aug 06
Posts: 1701
Location: Mississauaga

Post ID: 234673 20-04-17 10:07:31
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febpreet
Senior Desi
Member since: Jan 07




Posts: 3217
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This made an impact in the Lower Mainland (BC) Vancouver last year when it was implemented. Slowed down the market and prices didn't go as up as were expected. Also stopped the crazy bidding wars. Not sure, how would it turn out in the GTA. Time will only tell.

But, we also have this lately, despite of the Foreign Buyer tax:

http://vancouversun.com/business/local-business/impact-of-b-c-s-foreign-buyer-tax-wanes-as-march-sales-surge-almost-50-per-cent


 
Last edited by: febpreet on 20-04-17 13:07:17
Post ID: 234674 20-04-17 12:08:23
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luckysaab
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Member since: Aug 10




Posts: 41
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You got to love how the government grab any opportunity to tax and tax some more. I think they are making this issue more complicated than what it is. Supply and demand - Econ 101. Build baby build. Hey let's make this complex problem so everyone smile while we tax. Not many average foreigners can afford a house in GTA. 15% more? No problem for Chinese ministers, Gulf Emirs or Russian oligarchs.

<LongLiveCanada>

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Post ID: 234699 23-04-17 13:24:04
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