Ontario Has No Choice But To Enact Foreign Home Buyers Tax

The Ontario government has little choice left but to enact a 15 per cent tax on foreign home buyers, according to CIBC World Markets deputy chief economist Benjamin Tal, as financialpost.com reports today.

Here are the key points of what Tal Said:

  • Ontario will have little choice but to tax foreign investment
  • Even if home prices in Canada stop increasing today, the imbalance has left the Canadian economy in a dangerous imbalance
  • Governments need to make it more difficult to borrow to "save Canadians from themselves"
  • One potential solution, among others, could be for the government to raise the minimum down payment on homes valued between $500,000 and $1 million to more than 10 per cent.

See the entire article here.

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Antonia Yan

Antonia Yan

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CENTURY 21 Leading Edge Realty Inc., Brokerage*
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