TORONTO REAL ESTATE BOARD QUESTIONS ONTARIO'S PLAN TO TAX FOREIGN SPECULATORS
May 03, 2017
By Michael Kramer
There’s fresh evidence from The Toronto Real Estate Board indicating speculation and foreign ownership make up a SMALL part of the local housing market – and the TREB says that raises questions about the need for the province’s plan to tax foreign speculators.
The board says since 2008 the average share of foreign buyers of properties in the Greater Golden Horseshoe – stretching from Niagara to Peterborough – was less than two-and-a-half-percent.
It also says during that same period, the share of homes bought and sold within one year of the original transaction was also low.
The TREB says last year, less than 5 percent of transactions fit that definition – while so far this year they’ve increased to 7 percent.
This comes as the average price for all properties in the GTA rose 24-and-a-half percent last month – after increasing over 33 percent in March.