Recently, the issue of foreign investment in Canadian real estate, particularly in the Toronto and Vancouver markets, has received substantial media and government attention.
Most significantly, the British Columbia provincial government has implemented a 15% tax on foreign buyers. In addition, the federal government has created a working group, which includes Ontario government representatives, to review this issue and make recommendations for potential federal action.
As a result of this attention, TREB has sent the following letters to the provincial government (Minister of Finance), Toronto Mayor John Tory, and all of Toronto City Council.
Click here to view the TREB Letter to Ontario Minister of Finance
Click here to view the TREB Letter to Mayor John Tory and Toronto City Council
TREB will be monitoring this issue closely and taking action as necessary.