Ontario introducing 15% tax to cool down housing market
Ontario Premier Kathleen Wynne introduced the Fair Housing Plan today, which includes a new 15 percent tax on foreign speculators, or those who aren't citizens or permanent residents of Canada. These buyers make up 5 percent of the current market.
This 15 percent Non-Resident Speculation Tax (NRST) would apply to single family residences, such as detached and semi-detached houses, townhouses and condos in the Greater Golden Horseshoe area. That includes the GTA, Hamilton, Kitchener-Waterloo, Niagara and Barrie.
Vancouver got a foreign buyers tax last year and it reportedly helped cool down the market there.
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