"Everyone in the industry, myself included, are well aware that this isn't actually going to affect the market," said Michelle Gilbert, a Toronto broker with Sage Real Estate Ltd.Gilbert says Statistics Canada data showed non-residents owned only about 3.4 per cent of all residential properties in Toronto five years ago, so the measure affects a small slice of buyers.
"So adding this additional five per cent, I don't foresee it affecting the amount of foreign buyers that do invest in, let's say. the Greater Toronto Area." Policy-makers had a "tremendous under-appreciation" for how these investors' were fuelling heated conditions, he said. "These are just pure new buyers and they tend to be pretty aggressive in terms of what they'll pay, and from what I've seen, they do tend to drive up the price in neighbourhoods and markets that they care to invest in."Porter and Gilbert say there are many measures the province could implement to cool the market, especially the GTA, where the average selling price for a home surpassed $1.3 million in February, up from just above $1 million last February.
Eliminate Corporations and LLCs from purchasing property.
Welp this is happening. $204,000 drop in price on stunning ocean view property in Vancouver 💁🏻♀️
No bc that has to be done here period...houses selling high are not wortht he money living anywhere in Ontarion is nothing special , especially in Toronto spread all ocever the place have to drive everywhere..houses in Toronto are like worth 300 to 400k thats it
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Source: CBCNews - 🏆 2. / 99 Read more »
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