BREAKING: Ontario Unveils New Changes To Cool Down Housing Market
The Ontario Government is implementing new tax measures to help cool the housing market in the GTA. On Thursday morning April 20th, 2017 the Ontario government announced a 15% tax called the Non Resident Speculation Tax (NRST). The NRST affects the purchase or acquisition of real property in the Greater Golden Horsehoe (GGH) by foreign buyers, corporations, non-residents, or non citizens of Canada.
This change follows British Columbia's 15% Foreign Buyers Tax that was implemented last August to cool down the red hot real estate market in B.C. and Vancouver. Homebuyers and residents in Toronto have long been voicing their concerns with the skyrocketing houseing market in the GTA. This move by the government could provide relief on the high demand and low supply housing market and rapidly soaring prices in the GTA and GGH.
For more detailed information please visit the Ontario Government's website on NRST here: http://www.fin.gov.on.ca/en/bulletins/nrst/nrst.html