Looks like Ontario is following suit with BC by implementing a 15% tax for foreign home buyers. The move comes as a measure to cool the sizzling market in Toronto where prices are up 33% since this time last year. That along with several other measures (increase in rents capped at 2.5% and taxed on vacant properties) will took effect in April.
Only time will tell whether the new regulations will help to slow down the market out there. I have heard several reports from Vancouver after they implemented a similar tax. It did cool down the market, however, there are still lots of buyers looking to get in to the market on the lower end (remember average prices there are near $1M) so that part of the market is still going strong. Now that both Vancouver and Toronto are not as attractive for foreign investors, it would stand to reason that Calgary may be the next target.
If you have any questions about real estate, don't hesitate to ask.
