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Foreign Home Buyers in Toronto to Pay 15% Tax

  • As per reports, foreign home buyers in Toronto will be subject to a 15% tax in a bid to regulate escalating housing costs.

    The move follows similar measures imposed in Vancouver in August last year that came in the backdrop of local people protesting against foreigners buying up local properties in increasing numbers, leaving most homes unaffordable for locals. Foreign buyers, led by cash-rich Chinese, have been investing in large numbers in Canada.

    The new tax legislation introduced by the Ontario provincial government will apply to all residential properties purchased by individuals and corporations within the Golden Horseshoe area.