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>
-----------------------------------------------------------------
I pointed you at the stars and all you saw was the tip of my finger
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..
-----------------------------------------------------------------
'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..
-----------------------------------------------------------------
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..
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%
Advertise Contact Us Privacy Policy and Terms of Usage FAQ Canadian Desi © 2001 Marg eSolutions Site designed, developed and maintained by Marg eSolutions Inc. |