TORONTO - Ontario’s surprise move to increase the tax paid by foreign homebuyers to 25 per cent won’t have much affect on the province’s already-cooling market, housing industry observers say.
A Canada Mortgage and Housing Corp. report from 2019 found 3.3 per cent of Ontario properties had at least one non-resident owner, while B.C. and Nova Scotia properties with at least one-resident owner amounted to 6.2 per cent each. Because the market is already cooling from the rampant pace seen at the end of 2021 and the start of 2022, Porter said it was “surprising” to see the government take more action against foreign buyers.
“We really only have three months before foreign buyers are banned, so ... maybe they’re trying to get a last squeeze out of this tax,” said the Greater Toronto Area broker and host of the Canadian Real Estate Investor podcast.
Why now? Why not 10 years ago? What a joke government is
We know.... they buy them through canadian real estate corps its canadian owners on the paper work this does nothing