logo logo

Local Engagement Page

NON-CANADIAN RESIDENT HOME BUYERS TAX – HAVE YOUR SAY

 

Dear Constituent,

I am asking you today to write a letter to Premier Kathleen Wynne stating your support for a tax on foreign home buyers in Toronto.

What this means is the City of Toronto levying an additional land transfer tax on the purchase or sale of homes to non-Canadian residents. This comprises of foreign nationals that are not Canadian citizens or permanent residents of Canada.

The province needs to approve this tax so I have sent this letter  Letter to Premier Wynne on Foreign Buyers Tax to Premier Kathleen Wynne calling for her leadership. I urge the provincial government to act now.

Toronto area home sales set a record high in 2016. Foreign home buyers entering our market accounted for 5% of these sales. If we simply taxed these international buyers an additional 5%, we would raise over $200-million in revenue.

We know that it’s hard for young families to enter the housing market in Toronto. The average GTA home sold for $730,000 last year. When you pair this with mortgage rates, 20% down payments for first time buyers, student loans, and other debts, it’s impossible for the average young family to build a home.

I commissioned a poll from Mainstreet Research last fall that showed that 71 percent of decided respondents in Toronto supported this tax.

Once I saw those results, I wrote a motion to Toronto City Council to support this tax on foreign buyers in Toronto and asking the City Manager to consult with the province. This motion passed.

The province must respect this decision of Toronto City Council and the support of Torontonians for a tax on foreign home buyers crowding our market.

I ask you to join the great number of people in Toronto who support this campaign to put pressure on the provincial government.

Please fill in the ePetition below and have your say. I can be reached by phone at 416-392-1374 or by e-mail at jim@karygiannis.net.

Please ask your family and friends also to fill in the ePetition.

Thank you in advance.

 

Jim Karygiannis

Toronto City Councillor

Ward 39, Scarborough-Agincourt

Fields marked with an * are required