Toronto realtors are bracing for an influx of foreign money now that a 15% tax is being added to the bill for foreign house buyers in Vancouver.  The average home price in Vancouver is now in excess of $1 million.

Industry experts doubt the tax will resolve affordability issues for Vancouver’s red hot real estate market.  The President of the Urban Development Institute, Anne McMullin, points out the problem really comes down to a limited supply of housing.  She says the real way to lower prices is to flood the market with supply.

In Toronto, the average house price in June was just over $746 thousand.  Because of that, Royal LePage says some foreign buyers are already eyeing Toronto.