Welcome guest.  ( Sign in )

Tax on Foreign buyers!

April 20, 2017

Ontario to place 15% tax on foreign buyers to cool GTA housing market: Sources

 
 

The Canadian Press has learned that the Ontario government will place a 15-per-cent tax on non-resident foreign buyers as part of a much-anticipated package of housing measures to be unveiled today.

The measures are aimed at cooling down a red-hot real estate market in the Greater Toronto Area, where the average price of detached houses rose to $1.21 million last month, up 33.4 per cent from a year ago.

Premier Kathleen Wynne and Finance Minister Charles Sousa have said the measures will target speculators, expedite more housing supply, tackle rental affordability and look at realtor practices.

Sousa says investing in real estate is not a bad thing, but he wants speculators to pay their fair share.

He says the measures will also look at how to expedite housing supply, and he has appeared receptive to Toronto Mayor John Tory's call for a tax on vacant homes.

Sousa has also raised the issue of bidding wars, and has suggested realtor practices will be dealt with in the housing package.

The Liberals have also said that the government is developing a ``substantive'' rent control reform that could see rent increase caps applied to all residential buildings or units. Currently, they only apply to buildings constructed before November 1991.

 

Visit us at Durham Bungalows.ca for all your Real Estate needs.

 

source: http://www.canadianrealestatemagazine.ca/business-news/ontario-to-place-15-per-cent-tax-on-foreign-buyers-to-cool-gta-housing-market-sources-224383.aspx

 


Tagged with: tax foreign buyers
| | Share

Interest Rates Rise

Originally posted on: July 12, 2017
Filed under: interest rates interest
Bank of Canada interest rate revealed by Justin da Rosa, 12 Jul 2017 ...

Most Expensive Home in America

Originally posted on: July 5, 2017
Last updated on: July 5, 2017
Filed under: home most expensive
Unique Home Click on the image below to see more. ...

What Canada Means to me.....

Originally posted on: June 28, 2017
Last updated on: June 28, 2017
Filed under: canada day
Happy Canada Day weekend everyone. Here is what Canada means to one of the McRobert Real Estate Group team members. Please let us know ...

Prepare for an Emergency Part 2

Originally posted on: June 13, 2017
Last updated on: June 13, 2017
Filed under: emergency safety
COLLECT IMPORTANT DOCUMENTS Organize important documents in one place—such as an accordion folder or fireproof safe—so you can ...

Prepare for an Emergency Part 1

Originally posted on: June 8, 2017
Last updated on: June 8, 2017
Filed under: emergeny house damage
KNOW THE RISKS No matter where you live, your region may be susceptible to one or more emergency situations or weather hazards, including: e ...


Durham Bungalows
Brokerage
Independently owned and operated.

420 Green Street #105
Whitby, ON L1N 8R1


Phone: 1-905-995-0460
Powered by Lone Wolf Real Estate Technologies (CMS6)