May 20, 2017 – Councillor to monitor for an announcement of a foreign home buyers tax in Ontario
TORONTO, ON – Jim Karygiannis, City Councillor for Ward 39, Scarborough-Agincourt, is expecting that the Provincial Government will impose a foreign home buyers tax in light of news that the province will query citizenship and residency for real estate purchases, starting on Monday.
It was revealed today that, starting on April 24th, homebuyers in Ontario will be mandated to provide information about their citizenship and place of residence. The information gathered from this rule change will be one of the provincial government’s tools to collect real data to solve the ongoing housing affordability crisis in Ontario.
“I expect that this rule change signals that the Premier has listened to the call of thousands of people who wrote letters, and responded to public polls, expressing clear support for a foreign home buyers tax,” says Councillor Karygiannis. “The mandatory disclosure of citizenship and residency status of homebuyers is an important first step in targeting and taxing foreign investors parking their money in Canadian real estate and distorting the housing market for Canadian families.”
“We expect the provincial government and Minister of Finance Charles Sousa to introduce a package of measures to address housing affordability this week. My constituents, and the thousands of people who wrote to me from across Toronto, are expecting a foreign home buyers tax to be included in that package. These rule changes surely indicate a foreign home buyers tax is on the way,” concludes Councillor Karygiannis.
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