Advertisement
The price of a detached, single-family home rose 29.8% from a year ago
TORONTO — The Toronto Real Estate Board is urging the Ontario government not to implement a tax on foreign buyers, arguing that it would do little to address the problem of rising house prices in Canada’s largest city.
Finance Minister Charles Sousa said Thursday that he’s considering implementing such a tax as a possible option to cool Toronto’s red-hot housing market.
Last year, Sousa said Ontario would not be following the lead of British Columbia, which implemented a 15 per cent tax on foreign nationals buying homes in the Vancouver area.
But house prices have continued to soar, with February data from TREB showing that the price of a detached, single-family home rose 29.8 per cent from a year ago.
TREB says that a foreign buyer tax would not address the supply shortage that has been driving home prices higher.
The real estate board also argues that concerns about the impact of foreign buyers on the real estate market in the Greater Toronto Area are “widely overblown.”
“The fact that most foreign buyers are looking to purchase a home for their family, for personal use, or to provide a tight rental market with much needed supply is something to be encouraged, as these actions are essential to Ontario’s economic success,” TREB president Larry Cerqua said Friday in a statement.
“Imposing a tax on foreign buyers will not have the desired effect of cooling the housing market and could create adverse effects on the national, provincial and GTA economies.”
Share this article Share on Facebook Share on Twitter Share on Linkedin Share on Reddit Share on Email
A new EY survey has found that demand for EVs and hybrid vehicles has dropped slightly, with drivers citing...
Consumer debt reached a record $2.5 trillion last quarter. Find out what’s driving increased debt levels among certain groups...
Economists share how the temporary tax cut and relief cheques may play into Canada’s growth picture.
Here’s how to get your free ticket to attend the MoneyShow virtual expo.
Nvidia beats earnings expectations as investors eye demand for Blackwell AI chips.
The world’s biggest cryptocurrency topped USD$98,000 on Nov. 21. As it inches ever closer to six figures, investors wonder:...
Canada’s inflation rate rose to 2% last month, up from 1.6% in September, but a December interest-rate cut is...
Why Canadians are still feeling the squeeze of high food costs, and what to do about it.
If you’re one of the many Canadians looking for Black Friday and Cyber Monday discounts, here’s how to know...
