Jul 04, 2017
By Michael Kramer
Close to five per cent of homes bought in Ontario’s Greater Golden Horseshoe region – were purchased by non-residents since the Liberal government announced a 15 percent foreign buyer tax – which is imposed on buyers – in the area stretching from the Niagara Region to Peterborough – who aren’t citizens, permanent residents or Canadian corporations.
As of April 24th the Wynne government required homebuyers to give information about their residency and citizenship status.
Data collected from April 24th to May 26th shows that 18,282 residential and agricultural properties were bought or acquired in the Greater Golden Horseshoe region.
And of those transactions – the government says around 4.7 per cent of the properties were bought or acquired by people who aren’t citizens or permanent residents – and by foreign corporations.
The tax was in a 16-part housing plan the government introduced – as the housing market in the Toronto area and beyond saw year-over-year price increases of over 30 per cent.