Ontario-Changes to Rentals, New Foreign-Buyers’ Tax

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wynne2aThe Globe and Mail reports that  some aspects of Vancouver’s foreign-buyers regulation have been embraced in Greater Toronto’s “Golden Horseshoe” the area from Peterborough to the Niagara region that houses a population of over 9.25 million people.

Effective today a new measure similar to Vancouver’s foreign-buyers tax will apply to buyers who are not Canadian citizens and permanent residents. Foreign companies will also not be exempt. The tax will be 15 per cent of the value of the purchase in a market that already has 8 per cent of home owners being non-residents. Those folks will also need to prove “ that they have a legitimate reason for buying property in Ontario that goes beyond investing. The tax is not aimed at new Canadians, according to Premier Kathleen Wynne. It will be reimbursed to buyers who become permanent residents within four years of a sale, and won’t apply to…

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