August 2017

Some Possible Consequences Of Toronto's Foreign Buyer Tax

02/08/2017 |
A 15 per cent tax on foreign buyers of property in the Toronto region has been introduced. This is predicted to have some consequences for the real estate market in Toronto as well as possible effects for the real estate sector in other parts of Canada as well as the wider economy. Along with the tax, the province took additional measures like expanded rent controls and allowing cities, including Toronto, to tax vacant homes.This has had some immediate effects on the real estate market in Toronto. Sales decreased by 37.3 per cent in June 2017 compared to June 2016.
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