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D-FOX Developing Information

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

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.
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