Real Estate

Government should tax foreign housing buyers and owners more

  • Last Updated:
  • Jun 18th, 2017 6:19 pm
Jun 17, 2017
1 posts

Government should tax foreign housing buyers and owners more

A new report by Ryerson's City Building Institute adds to the growing chorus of voices calling for a strategy to curtail foreign demand in the city and surrounding regions, which some say is pushing home prices beyond what domestic buyers can afford.

1. It used to take 6 years to afford a home in Toronto — now it's more than 15
2. As home prices soar, some first-time buyers reconsider home ownership dreams

Gordon, the author of the report, singles out foreign buyers as the main driver behind recent price increases in Vancouver and Toronto.

Those foreign housing buyers not only have made the houses unaffordable to our Canadians, but also make our cities overcrowded and force many of us to leave our homeland.

They enjoy the interest return from real-estate investment, our beautiful environment, transportation, education system, government services and even social benefits. But never pay for them.
Now, it’s time for foreign buyers and house owners to fulfil their obligations:

Ask the Government of Ontario to impose new measurements to the non-Canadian housing buyers and owners.

Such measurements could include:
1. Increase the foreign housing buyers tax to at least 30%
2. Double Land Tax for foreign house owner
3. Increase Capital Gain to at least 80%
4. Foreigner can only buy one house in Canada

Generally, a foreigner could not be able to buy property in most of the countries in the world. Sri Lanka places 100% tax on foreign buyers and Hong Kong tax 15% on foreign freehold purchases, Thailand and Singapore generally prohibited with strict limitations, Indonesia prohibited and many emerging economies requiring citizenship.

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