A tax for foreign real estate buyers in Toronto: pros and cons
According to the former finance minister Joe Oliver, Ontario needs to implement the same tax for foreign real estate buyers, as in British Columbia. In his opinion, it should be dome quickly in order to restrain the wave of international money leading to higher housing prices in the Greater Toronto Area.
A tax for foreign homebuyers is quite a controversial topic. For now, provincial political leaders are watching the Vancouver real estate market closely to see how it reacts to the new 15% tax.
Here are some of the comments on this issue concerning Ontario.
Former finance minister Joe Oliver (Sept. 21, 2016):