Ontario Holding Back On Foreign Buyers’ Tax

As there is still an ongoing argument on whether or not to have a foreign buyers’ tax implement in the GTA, the premier of Ontario said more data needs to be gathered before any policies are brought forth. Some like the former minister of finance for the government, Joe Oliver; are in for the tax to be endorsed, while others including provincial and real estate associations are totaly against it.

Kathleen Wynne who is an Ontario premier said she is worried about the ever increasing price of homes in Toronto, however, she strongly wants to know the reasons behind it and whether the BC model would be ideal for Ontario.

She said; “I want to know what the analysis is the difference between the Ontario market and the British Columbia market – they’re not exactly the same – and I want to know what the impact has been, exactly, of what has been done in B.C. and what the potential impact would be in Ontario.”

Proof has not been given yet that the price rising in the GTA is due to foreign buyers, therefore, the premier is taking their time before any alteration is done on the policy, which might affect the market greatly.