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Don't tax foreign buyers says real estate board

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Canadian Realestate Magazine | 13 Mar 2017, 08:37 AM Agree 0
Talk of a potential foreign buyer tax in Toronto is heating up, but it’s already gained a few opponents
  • Kris Kooblall | 13 Mar 2017, 10:00 AM Agree 0
    Please talk to realtors regarding what obtains in reality and it differs markedly from what the Realtors Association says.

    IF one were to look at the simulated effect of what transpired after introducing the 15% tax in Vancouver and Toronto, there is a clear correlation between the cooling off in Vancouver and the spiralling of prices in Toronto?

    The primary purpose of the 15% tax is not to cool the market but to exact a legitimate price to the market that can be borne by foreigners who wish to purchase Canadian real estate.

    The fact the Realtors Association downplays the quantum of foreign buyers and it's effect on the residential real estate market makes the case that introducing the tax will have no detrimental effect to foreign buyers.

    The drama continues and the cost is borne of thousands of Ontario families that are locked out of the market because they are simply unable to afford purchasing homes for their families to live in.
  • wp realtor | 13 Mar 2017, 11:03 AM Agree 0
    'Overblown'?...Exactly what all levels of government in BC were spouting-off for several years pre-foreign buyers tax as prices accelerated some 20% /year!

    Then the tax and sales down 40-50% within a few months!....'Overblown'.

  • Ranjit | 13 Mar 2017, 05:56 PM Agree 0
    A catalyst cannot be weighed against rest of the components.
    All it take is that one persons breaks the line and there is rush everywhere.
    There is clear flow of buyers moving from east wand of GTA to west. You can see the flow till Windsor.
    Foreign buyers have create a panic when they pick cream deals without negotiation and that creates ripples. What happens to a family when they return after a full day of house hunting, only to discover that top 70% are already sold.
    Government should do some governance and not watch as spectators or evaluators. Who knows betters than Govt on amount of money flowing in internationally.
  • Joginder Sekhon | 13 Mar 2017, 06:17 PM Agree 0
    Not taxing FOREIGN BUYERS is taxing our canadian born kids. It is making them without home(home-less). Nothing is on sale, Every property is on AUCTION! High ranking officials opposing foreign buyer tax.....unbelieable!!!!!!!
    • Gh | 14 Mar 2017, 02:11 AM Agree 0
      Exactly. Foreign buyers that don't even live in the houses they buy. Instead they rent them to Canadians that need shelter but can't afford to chase over asking price bids. There will be so many Canadian families denied home ownership by foreign investors. Totally not fair
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