Ontario Tries to Temper Rising Toronto Home Prices

Ontario introduces 16 measures to address housing market imbalance, including a 15% foreign buyers tax similar to British Columbia's. The tax targets non-Canadian entities buying property in Toronto. Exemptions exist for Canadian citizens, refugees, and those in the Express immigration program. Lessons from Vancouver show a decrease in transactions but not prices, with luxury markets most affected. Ontario faces challenges due to lack of data on foreign buyers.

What is the primary purpose of the 15% foreign buyers tax introduced in Toronto?

• To eliminate property taxes for locals

• To slow down the appreciation of home prices

• To increase the number of foreign buyers

• To encourage more rental properties

Who is exempt from paying the nonresident speculators tax in Ontario?

• Foreign investors

• Canadian citizens and refugees

• Permanent residents

• Non-Canadian corporations

What was a significant challenge faced by Vancouver after implementing the 15% tax?

• A significant drop in rental properties

• A decrease in the number of transactions

• A lack of foreign buyers

• An increase in property prices

Which segment of the market was most affected by Vancouver's foreign buyer tax?

• Affordable housing

• Rental apartments

• Luxury homes

• Commercial properties

What is a major difference between Ontario and BC when implementing the foreign buyers tax?

• BC's tax applies only to corporations

• Ontario's tax is higher than BC's

• BC had prior data on foreign buyers

• Ontario has more data on foreign buyers