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Observers, academics voice support for Ontario foreign buyers’ tax

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Ephraim Vecina | 13 Mar 2017, 08:15 AM Agree 0
Statements come amid Toronto’s consistent home price growth, seemingly driven by an influx of foreign capital.
  • KrisK | 13 Mar 2017, 09:04 AM Agree 0
    This clearly stands to reason,

    /Simon Fraser University school of public policy professor Joshua Gordon argued that foreign capital is a crucial factor in Toronto’s price increases, like what happened in Vancouver./

    The sense of urgency and importance of implementing the foreign buyer's tax has been put on hold by the decisions makers in Ontario for more than a year and the result is catastrophic.

    The housing crisis in Toronto has erupted in a volcanic style scenario where the June 2016 Bank of Canada reports stands out regarding the tenuous effect in affordability.

    The reason for implementing the tax goes beyond cooling the untenable price explosions in the Toronto market; it alludes to what needs to be done immediately.

    Ms. Kathleen Wynne has been in fierce opposition to the 15% tax and her minister, Mr. Charles Sousa is in backtracking format as he simply never presented to the province a clear understanding of what the key drivers in this crisis are.

    A proper study was never done.

    Mr. Tim Hudak is compromising whatever sense of integrity he brings to the table. He defends the financial interests of realtors that are in direct contrast to the wellbeing of the city and the province.

    How ironic that he sought the leadership of the province against Kathleen Wynne and takes a position that makes sense for the job he has undertaken as the lead person in Ontario Real Estate Agency, however, puts the City and by extension, the province in financial harm's way and at risk.

    Let us look on as the leaders play their games.
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