![\"Ontario](\"https:\/\/immigration.ca\/wp-content\/uploads\/2017\/04\/toronto-863430_640-300x200.jpg\" "\\"Ontario")
The 15 per cent tax follows a similar measure introduce by British Columbia in Vancouver, although the Ontario version would cover a larger geographic area.<\/p>\nApril\u00a026, 2017 –\u00a0Ontario is set to introduce a foreign buyer tax in the Greater Golden Horseshoe region to help cool the out-of-control housing market.<\/p>\n
The 15 per cent tax follows a similar measure introduce by British Columbia in Vancouver, although the Ontario version would cover a larger geographic area.<\/p>\n
If passed, the tax would be effective as of April 21, 2017.<\/p>\n
The Greater Golden Horseshoe extends from Waterloo west of Toronto to Peterborough in the east as the provincial government takes notice of the widening impact of the increased house prices.<\/p>\n
The Non-Resident Speculation Tax is part of the Fair Housing Plan, which includes 16 measures to stabilize the market and make both buying and renting housing more affordable.<\/p>\n
Read More<\/b><\/p>\n It comes as the average price of a home in the Toronto region hit $916,567 in March 2017, an increase of more than 33 per cent in a year.<\/p>\n Ontario Premier Kathleen Wynne said: \u201cPeople work hard to provide for their families. They should be able to rent or enter the real estate market without making great sacrifices or taking on a huge amount of risk.<\/p>\n \u201cAt the same time, we recognize the need to protect the significant investment homeowners have made. This plan balances those needs to stabilize the market and prevent a sharp correction that would be harmful to everyone.\u201d<\/p>\n The Ontario government faces some stiff opposition to a potential foreign buyer tax, with the argument being purchases from overseas buyers make up only a fraction of the transactions that take place in the Toronto housing market<\/a>.<\/p>\n Instead, opponents argue a lack of supply is directly to blame for the rising house prices.<\/p>\n The Fair Housing Plan also includes measures to increase supply, including a $125 million five-year program to encourage the building of new rental apartment buildings.<\/p>\n The measure is designed to focus on the areas most in need by rebating a portion of development charges.<\/p>\n A further measure introduced under the plan will be an expansion of rent control, which previously only focused on buildings built before 1991.<\/p>\n The new plan with introduce a 2.5 per cent cap on rent for all Ontario residential buildings.<\/p>\n There are rumblings in both Vancouver and Toronto concerning the impact of the Quebec Immigrant Investor Program<\/a> on house prices in the two cities.<\/p>\n The QIIP awards Canada immigration<\/a> for an investment of $800,000 to individuals with a legally acquired net worth of at least $1.6 million.<\/p>\n The problem is that once the high net worth individuals who qualify for Quebec immigration<\/a> via the program are awarded Canadian permanent residence, they have the constitutional right to live and work anywhere in Canada.<\/p>\n Officials in Vancouver and Toronto say the majority of them end up in their cities, with the result being red hot real estate markets.<\/p>\n Interested employers:\u00a0<\/b>Kindly\u00a0contact us<\/a>\u00a0here to receive further information.<\/p>\n Interested candidates:<\/b>\u00a0Find out whether you qualify to Canada by completing our\u00a0free on-line evaluation<\/a>. We will provide you with our evaluation within 1-2 business days.<\/p>\n\n
\nStiff Opposition<\/h3>\n
Quebec Immigration<\/h3>\n