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As Ontario Finance Minister Charles Sousa considers a foreign-buyers tax in the Toronto region, experts are divided on how effective it will be. (Melissa Renwick For The Globe and Mail)
As Ontario Finance Minister Charles Sousa considers a foreign-buyers tax in the Toronto region, experts are divided on how effective it will be. (Melissa Renwick For The Globe and Mail)

Foreign-buyers tax not seen as panacea for Toronto’s hot housing market Add to ...

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A tax on foreign property buyers in Toronto would likely cool the rampant price growth that has hit the market in recent months, but would not be enough to affect longer-term affordability in the city, experts predict.

Economists and real estate experts are divided in their support for a foreign-buyers tax, but many agree it would almost certainly have a short-term impact on prices, even if it turns out that foreign buyers account for a small minority of sales in the Greater Toronto Area. A tax could at least temporarily curb speculation, including among domestic investors, if they foresee slower buyer demand going forward, economists believe.

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