Ontario to hike tax on foreign homebuyers while expanding it provincewide
A for sale sign in Windsor, Ont., on Tuesday, April 25, 2017. (Melanie Borrelli / CTV Windsor)
The Ontario government is hiking its tax on foreign homebuyers ahead of a provincial election campaign where affordability is expected to be a key issue.
In a news release issued on Tuesday afternoon, the province confirmed it would increase its non-resident speculation tax from 15 to 20 per cent starting tomorrow.
The government said the tax would be expanded province-wide. Previously it only applied to properties purchased in the Greater Golden Horseshoe Region in southern Ontario.
“Young families, seniors and workers are desperate for housing that meets their needs. But a lack of supply and rising costs have put the dream of home ownership out of reach for too many families in the province,” Minister of Finance Peter Bethlenfalvy said in the release. “That is why our government is adopting the most comprehensive non-resident speculation tax in the country. Our government is working to increase supply and help keep costs low for Ontario families and homebuyers, not foreign speculators looking to turn a quick profit.”
Ontario’s tax on non-resident home buyers was first put into effect in 2017 under the leadership of former premier Kathleen Wynne.
The tax did appear to initially slow the pace of growth in home prices but in recent years, home values in the Greater Toronto Area have marched much higher amid what industry observers have described as a supply crunch.
In February, the average price of a home in Greater Toronto Area surpassed $1.3 million, up 28 per cent from the previous year.
In its release, the Ontario government said in addition to hiking the tax it is also eliminating rebates that were previously made available to international students and foreign nationals working in Ontario.
The government says it will continue to provide an opportunity for foreign nationals studying and working in Ontario to receive a rebate, should they become permanent residents of Canada.
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