Five measures Ontario could implement to try to cool the GTA housing market
TORONTO — The Ontario government is expected to unveil a suite of housing affordability measures in the coming days aimed at cooling soaring home prices in the Greater Toronto Area. Here are five potential measures the province could bring forward to tackle housing affordability.
Foreign buyers tax
Ontario Finance Minister Charles Sousa said last month that he’s considering a British Columbia-style foreign buyer’s tax — which he had ruled out last year.
The B.C. government implemented a 15-per-cent tax on property purchases in Metro Vancouver by buyers who aren’t citizens or permanent residents. Then, in January, B.C. Premier Christie Clark announced the tax would be lifted for those who have a work permit, in order to encourage more people to come to the province to work.