A foreign buyers tax may not be far away for Metro Toronto as sales in August jumped 23.5 per cent from a year earlier.
After seeing Vancouver realtors hiding in the wake of ever increasing sales and skyrocketing prices that put the whole industry in a bad light locally, Toronto realtors are trying to get ahead of the curve.
They’re vowing to study the impact on foreign investors on their real estate market.
And with the major decline in Vancouver sales in August following the advent of the tax, Toronto realtors have stated they will study the issue in the coming months as their sales skyrocket.
The Real Estate Board also said that its home price benchmark was up 17.2 per cent on a year over year basis, with the average detached home selling for $1,206,637 last month.
Meanwhile as Torontonians continue to get priced out of their market, look for a similar foreign investor tax in the weeks or months to come, as offshore investors continue to flood the Toronto market as they did Vancouver before the tax.