B.C.’s government surprised many observers on Monday by announcing an additional 15 per cent property transfer tax on foreign homebuyers. BMO Capital Markets Chief Economist Doug Porter called the move “entirely justified” amid persistent double-digit home-price gains in the province.
“Business as usual is not going to cut it,” Porter wrote in a report to clients. “Given that single-detached prices in the Greater Toronto area have jumped almost 20 per cent y/y, the Ontario government should take a long look at a similar move.”Here is a direct video link.
HAVE YOUR SAY: Should Ontario follow B.C.’s lead on taxing foreign homebuyers? https://t.co/Cby9cAVhkH
— BusinessNewsNetwork (@BNN) July 26, 2016
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