The number of sales involving a foreign entity has steadily declined since the province introduced its tax last April. But critics say it may have hit the wrong target.
Government numbers earlier this week showed that the province’s foreign buyer’s tax on real estate has curbed offshore investment and hosed down a feverish Toronto region housing market.
But a year after its launch last April, industry observers remain unconvinced that Ontario’s 15 per cent non-resident speculation tax had the right target in its crosshairs and, home buyers and sellers — caught mid-transaction by the ensuing plunge in home values — say the government hasn’t even acknowledged the casualties caused by its manipulation of the market.[Read Me…]