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The Ontario government is reconsidering its opposition to taxing foreign home buyers, saying it is now open to a B.C.-style levy to restrain Toronto’s hot housing market.
Finance Minister Charles Sousa said on Thursday he is looking at the tax as one of a number of options to control aggressive growth in home prices, after rejecting such a measure last year.
“A year ago I was thinking, ‘Let market forces prevail,’” Mr. Sousa said. “But now I’m concerned about … the ability of people to enter the marketplace. [There are] bidding wars everywhere you go, it appears, and I’m sensitive to that.”
With February data showing detached-home prices in the Greater Toronto Area having risen by more than 30 per cent over the last year, a growing number of economists have warned that the market risks inflating beyond the control of policy makers.http://www.theglobeandmail.com/real-estate/toronto/ontario-reconsidering-a-foreign-buyers-tax-to-cool-housing-market/article34256991/