Tony Kurec

Real Estate Sales Representative

 

Phone: 416-512-7077 direct
Right At Home Realty Inc., Brokerage
        'Canada's Largest Independently Owned Real Estate Brokerage'        

 

"Your Satisfaction... is My Business" - Tony Kurec

 

 

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Foreign Buyer Tax 2017

April 30, 2017 - Updated: April 30, 2017

Ontario to place 15 per cent tax on foreign buyers to cool GTA housing market: Sources

The Canadian Press has learned that the Ontario government will place a 15-per-cent tax on non-resident foreign buyers as part of a much-anticipated package of housing measures to be unveiled today.

The measures are aimed at cooling down a red-hot real estate market in the Greater Toronto Area, where the average price of detached houses rose to $1.21 million last month, up 33.4 per cent from a year ago.

Premier Kathleen Wynne and Finance Minister Charles Sousa have said the measures will target speculators, expedite more housing supply, tackle rental affordability and look at realtor practices.

Sousa says investing in real estate is not a bad thing, but he wants speculators to pay their fair share.

He says the measures will also look at how to expedite housing supply, and he has appeared receptive to Toronto Mayor John Tory's call for a tax on vacant homes.

Sousa has also raised the issue of bidding wars, and has suggested realtor practices will be dealt with in the housing package.

The Liberals have also said that the government is developing a ``substantive'' rent control reform that could see rent increase caps applied to all residential buildings or units. Currently, they only apply to buildings constructed before November 1991.

The Canadian Press

 


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Tony Kurec
Real Estate Sales Representative

Right At Home Realty Inc., Brokerage
 
Independently Owned and Operated.

direct cell: 416-512-7077 

office: 416.391-3232  

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