WELCOME TO CRISISFORUMS.ORG!
(1) Please swing by our "HELP CENTER" to view our forum rules prior to commenting.
(2) Acknowledge that by commenting or posting, you take full responsibility for the content and message of the information you put forth, which do not necessarily reflect the opinions of this website.
(3) If you would like to post your own discussion threads, just contact one of the staff so we can verify you as a human.

Ridiculous Increase in Real Estate Prices Has Ontario Government Rethinking Foreign Buyer Tax

Farmer_Sean_DEP_Farmer_Sean_DEP_ Member, Moderator


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/
Sign In or Register to comment.