RE:it was the age of foolishness ...It's coming soon in Hogtown too ...
Should the City of Toronto levy an extra tax for non-Canadian resident purchases of residential properties?
Dear Torontonian:
Recently, the Province of British Columbia imposed extra 15 percent tax on Vancouver residential real estate purchased by foreigners. The Province has also agreed to a request from the City of Vancouver to allow the City to impose a special tax on the owners of vacant property. These measures are being adopted in an attempt to “cool” the Vancouver real estate market and increase supply.
As you are aware, in the City of Toronto, the detached home market is rising almost 20 percent annually. The rental property vacancy rate in the City of Toronto is just 1.7 percent. This means that many people in Toronto are unable to find suitable housing.
I look forward to receiving your comments.
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