Foreign Buyers Tax For GTA Won’t Work

According to the real estate body in Toronto, if they are to follow in the footsteps of Vancouver and have the tax on foreign buyers of homes introduced in the city, it won’t play out so well. The Real Estate Board in Toronto said that foreign buyers has been included in approximately 4.9 per cent of business dealing taken care by its members during last year till November. 40 per cent of those were purchasing a primary residence with an additional 25 per cent putting the house on the rental market.

Low supply is as a result of the increased prices and strong demand based on what TREB said. The increasing population grows in line with more demand, low mortgage rates, low unemployment rates and incomes spiking up.

While governments has been doing their best to deal with their policy and provide an answer on putting demand to rest, what is required are policies that concentrate on the low supply of homes for leasing and as well as sale. There should be a teamed up body NGOs, public and private sectors to come together and work on finding efficient solutions to the issue of low housing supplying, as suggested by CEO of TREB, John DiMichele.