22 Apr Ontario Slaps 15% Tax On Foreign Buyers
Ontario Slaps 15% Tax On Foreign Buyers
Ontario slaps a 15% tax on foreign buyers not long after Vancouver decided to impose the same tax measures to cool thier housing markets. On thursday the Ontario government announced 16 new measures to cool the housing market. The measures included a 15% tax on foreign buyers as well as rent controls.
According to the Toronto Real Estate Board, prices were up 33% across the region from a year ago. The concern is that with prices escalating, young people can’t even imagine ever owning their own home.
All this being said, with Vancouver and now Ontario having a 15% tax on foreign ownership, that makes Montreal more attractive for foreign investment.
To learn more details about the new 16 measures instituted by the Ontario goverment you can read the article here in the Financial Post:
Here’s a link to the article on VICE:
The province of Ontario will impose a 15 percent tax on all home purchases made by foreign nationals in the Toronto area, in a surprise move that aims to combat speculation in Toronto’s red hot housing market. In an announcement this morning, Premier Kathleen Wynne also pledged to expand existing rent control rules to cover all buildings.