15% tax on home purchases by non-resident foreigners in GTA area...
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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??
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
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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I pointed you at the stars and all you saw was the tip of my finger
Location: Brampton, Ont, Canada
Posted on: 30-04-17 20:49:43
Guys this is my personal opinion.. u take ur judgment based on ur info
Canada entire housing prices will start dropping in coming 8 to 10 months..by 2 to 3 years some cities especially gta might drop upto to 50%
So keep your own house but it's time to start selling ur investment property to make profit of current market
I know lot of people will laugh at 50% drop but it's coming..
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'Some goals are so worthy, it's glorious even to fail.' (Param Vir Chakra awardee Lt. Manoj Pandey)
Quote:
Originally posted by Blue_Peafowl
I know lot of people will laugh at 50% drop but it's coming..
Have you met Rahul Singh recently?
Don't take it personally - I am just kidding. Trying to shake off the Monday blue in this gloomy weather .
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A Delhite in Toronto
Quote:
Originally posted by Blue_Peafowl
Guys this is my personal opinion.. u take ur judgment based on ur info
Canada entire housing prices will start dropping in coming 8 to 10 months..by 2 to 3 years some cities especially gta might drop upto to 50%
So keep your own house but it's time to start selling ur investment property to make profit of current market
I know lot of people will laugh at 50% drop but it's coming..
That's what I have been hearing for the past 10 years. But, yeah, it will eventually come. Eventually! By then, most of the people would already have paid off substantial part of their mortgage.
In the meantime, here in Metro Vancouver, despite of the 15% tax, houses are selling in 2,3,4 days with multiple offers. New benchmark price for Townhomes in Metro Vancouver = $600k.
Yes, it started back, where it slowed down in Fall/Winter.
Quote:
Originally posted by Blue_Peafowl
Canada entire housing prices will start dropping in coming 8 to 10 months..by 2 to 3 years some cities especially gta might drop upto to 50%
Hi BL,
Just curiosity, Any specific reason why house market will drop down upto 50%?
Any input please?
