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Fewer ads, faster browsing SUBSCRIBE TODAY! TORONTO AP — Foreign nationals who don't live in Canada's biggest city and its surrounding communities will pay an additional 15 percent tax on home popular article review editor services canada under legislation proposed by the government of Ontario province. Ontario Premier Kathleen Wynne made the announcement Thursday in an effort to cool a hot housing market in Toronto. It would match the 15 percent tax on foreign home buyers that the Pacific coast city of Vancouver has implemented.

They are only looking for a quick profit or a safe place to park their money," she said. Wynne said there is a problem when the market jumps 33 percent in a year. The tax would be imposed on buyers in what is known as the Greater Golden Horseshoe area who are not citizens, permanent residents or Canadian corporations.

If adopted, as expected, the foreign tax would be effective retroactively to April Wynne introduced other measures as well. Ontario is also continue reading rent control, which currently applies only to units built before November Tenants in newer units have complained of dramatic spikes in rent.

The premier said officials are taking aim at speculators and are tackling affordability. The government doesn't keep statistics on visit web page number of foreign buyers.

Asian investment in Toronto reportedly picked up after Vancouver introduced its foreign buyer tax last summer. Benjamin Tal, deputy economist at CIBC World Markets, said the foreign tax is a step in the right direction but thinks it could have a minimal impact because the estimated share of foreign buyers in the greater Toronto area is notably lower than in Vancouver.

Popular article review editor services canada that period we might see some slowing in sales," Tal said. Popular article review editor services canada Hudak, CEO of the Ontario Real Estate Association, said the measures could help make homes more affordable for residents. She said that poses a challenge for locals bidding for houses that top speech ghostwriter websites selling for hundreds of thousands over the asking price.

Things have gotten crazy," she said. But for those who have the money to http://dvdbestonline.co/esl-essays-writing-website.php and see the high growth potential in Toronto, which is repeatedly voted as the best city to live in, I link popular article review editor services canada the 15 percent will be enough of a deterrent.

We quickly discovered the pre-build market is very heated, too," he said. Some news is free. Exceptional journalism takes time, effort and your support. LOGIN HERE If you already have an account, login here: Login New user? Search Fewer ads, faster browsing SUBSCRIBE TODAY!

Post an ad Toggle navigation googletag. In order to give you the best experience possible, we recommend that you Upgrade your Browser to a more modern one. If you have any issues, or if you believe that this is an error, please send us a support request and we will take a look at the issue. By: ROB GILLIES and CHARMAINE NORONHA, Associated Press. Wynne said the tax link not about targeting immigrants.

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