With Ontario opening the door to a possible Toronto foreign buyers’ tax, Victoria’s mayor says there’s renewed interest in a similar measure for the capital.
It’s no guarantee, but in an about face from last year, Ontario’s finance minister says a Toronto Foreign buyers’ tax is now on the table.
That has Victoria Mayor Lisa Helps, who’s previously called for one in her city, watching closely.
“Toronto, Victoria, and Vancouver are the hottest real estate markets in the country. And if two out of three of those have a tax, and the other one doesn’t, it takes away the level playing field. So I think it’s definitely something we’re going to need to watch.”
Foreign buyer activity rose 5.8 per cent in the capital region between last June and New Years.
Helps says the city has been watching the market closely, but hasn’t renewed its call for a tax yet.
The province says there’s no evidence Metro Vancouver’s tax has displaced investment elsewhere in the province, but is prepared to expand it should the need arise.