While some including former federal finance minister Joe Oliver are calling for a 15 per cent tax similar to that introduced in Vancouver, others including provincial and city real estate associations are against the idea.
Ontario premier Kathleen Wynne said Friday that she is concerned about the fast-rising Toronto home prices but she is keen to understand the reasons and whether the BC model would be the right one for Ontario.
“I want to know what the analysis is of the difference between the Ontario market and the British Columbia market – they’re not exactly the same – and I want to know what the impact has been, exactly, of what has been done in B.C. and what the potential impact would be in Ontario.”
With no certainty that the GTA’s price rises are significantly affected by foreign buyers, the premier is mindful of any change of policy which may adversely impact the market.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
With opinions divided as to whether a foreign buyers’ tax should be implemented in the GTA, Ontario’s premier says more information is needed before policies are proposed.