{"id":5691,"date":"2017-05-03T11:11:52","date_gmt":"2017-05-03T18:11:52","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=5691"},"modified":"2017-05-02T18:32:15","modified_gmt":"2017-05-03T01:32:15","slug":"ontario-becomes-second-province-in-canada-to-impose-extra-tax-on-foreign-buyers","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/05\/ontario-becomes-second-province-in-canada-to-impose-extra-tax-on-foreign-buyers\/","title":{"rendered":"Ontario Becomes Second Province in Canada to Impose Extra Tax on Foreign Buyers"},"content":{"rendered":"

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

It is payable by both individuals and corporations and is part of a wider set of real estate regulations, including controls which limit rent increases to 1.5% above inflation. There will also be an extra tax on owners of empty homes and plans to use surplus land for affordable housing.<\/p>\n

Both Toronto and Vancouver have seen property prices rise substantially compared to the rest of the country. In the Greater Vancouver area the price of a home increases by 12.3% year on year to $1,179,482 while in the Greater Toronto Area the average price of houses rose to $1.21 million last month, up 33.4% year on year.<\/p>\n

The new tax will not apply to foreigners who are part of Ontario\u2019s Immigrant Nominee Programme and rebates may be available for up to four years for students enrolled on a full time two year course.<\/p>\n

Under the change home buyers are required to give information about their residency and citizenship status and how they intend to use the property. Rules for real estate agents will also be reviewed, in particular practices such as double ending, where the agent represents both the buyer and the seller.<\/p>\n

\u2018The non-resident speculation tax has nothing to do with new Canadians and people who want to make Ontario their home. With this tax, we are targeting people who aren\u2019t looking for a place to raise a family, they\u2019re looking only for a quick profit or a safe place to park their money,\u2019 said Ontario premier Kathleen Wynne.<\/p>\n

\u2018When young people can\u2019t afford their own apartment or can\u2019t imagine ever owning their own home, we know we have a problem. And when the rising cost of housing is making more and more people insecure about their future, and about their quality of life in Ontario, we know we have to act,\u2019 she added.<\/p>\n

Ontario Becomes Second Province in Canada to Impose Extra Tax on Foreign Buyers<\/a> by Property Wire<\/p>\n","protected":false},"excerpt":{"rendered":"

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 … [read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-5691","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"\nOntario Becomes Second Province in Canada to Impose Extra Tax on Foreign Buyers • Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2017\/05\/ontario-becomes-second-province-in-canada-to-impose-extra-tax-on-foreign-buyers\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Ontario Becomes Second Province in Canada to Impose Extra Tax on Foreign Buyers • Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"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. 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