Ontario's foreign buyers tax hike won't have much affect on already cooling market: experts

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Housing industry experts say Ontario's surprise move to increase the tax paid by foreign homebuyers won't have much affect on the already-cooling market.

A Sold sign sits in front of a house in Toronto on Tuesday July 12, 2022. THE CANADIAN PRESS/Cole BurstonMonday to increase the tax paid by foreign homebuyers to 25 per cent won't have much affect on the province's already-cooling market.

Porter says that means a higher tax won't quell the market and he questions the timing of the decision because sales and prices are already down from pandemic highs.

 

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We need to stop foreign buyers in light of Doug's announcement 2 homes per home. Foreign buys will take advantage of this.

Affect? English much?

Because foreign money is no longer flowing into Canada..

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