Ontario looking ‘very intently’ at B.C. tax geared toward overseas homebuyers as Toronto residence prices keep rising

Ontario’s finance minister says he may be searching “very intently” at British Columbia’s tax aimed toward overseas homebuyers as he looks for methods to address eroding affordability in Toronto’s housing marketplace.

Charles Sousa says he welcomes the 15 per cent tax that the B.C. government will fee overseas nationals looking to snap up houses in Vancouver’s sizzling real estate market.

Sousa says he is a part of a committee, along Federal Finance Minister invoice Morneau and B.C. Finance Minister Mike de Jong, that’s searching out approaches to improve housing affordability in Canada’s freshest markets.

He says it’s critical to take into account that any guidelines delivered to settle down Toronto’s hot real property quarter should have results on different components of the province that aren’t seeing the equal trouble.

BMO chief economist Douglas Porter has urged the Ontario government to follow B.C.’s pass, given that unmarried detached homes within the more Toronto vicinity have jumped nearly 20 consistent with cent year-over-12 months.