Hello, everyone. I provide you with Canada’s news headlines for real estate news for today.
Ontario becomes second province in Canada to impose extra tax on foreign buyers
According to Property Wire,
Ontario has become the second province in Canada to impose an extra tax on overseas property buyers in a bid to cool its residential real estate market.
Last year the British Columbia Government introduced an additional 15% tax on international buyers purchasing in parts of Vancouver but it was watered down after sales fell to allow foreign citizens with work permits living in the city to pay the normal rate of property tax.
Now Ontario has introduced a 15% Non-Residential Speculation Tax (NRST) covering purchases in the Greater Golden Horseshoe, an area encompassing the Greater Toronto Area and its surrounding municipalities.
The detail is here.
Canada’s Economy Stalls as Factory Decline Offsets Housing
According to Bloomberg,
Canada’s economy unexpectedly stalled in February as manufacturing and production in other goods producing sectors shrank during the month. The real estate sector, which expanded 0.5 percent, had its best one-month gain since 2015 as housing in Toronto soared.
The detail is here.
Follow me on social media!
Jethro Seymour, Toronto Real Estate Broker, Looking For Best Leaside Real Estate Listings? Contact Me!
Also published on Medium.
