Ontario has little choice but to tax foreign home buyers, CIBC economist warns

The Ontario government has little choice left but to enact a 15 per cent tax on foreign home buyers, says CIBC World Markets deputy chief economist Benjamin Tal.

More than a month after the British Columbia put into effect a similar tax, Ontario has made no mention on what action it will take to cool the red hot Toronto housing market. The Greater Toronto Area is now the lone market experiencing a rapid price surge in Canada, says Tal, as evidence emerges Vancouver’s market is now cooling.

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