TORONTO – Jim Karygiannis, City Councillor for Ward 39, Scarborough-Agincourt, is calling on Premier Kathleen Wynne and Minister of Finance Charles Sousa to implement a home buyers’ tax on foreign investors purchasing homes in Ontario and include this measure in the 2017 Provincial Budget.

“Toronto’s housing boom is not slowing down. In fact, it is spreading to other municipalities across the Province.” said Councillor Karygiannis. “Today, I formally asked Minister of Finance Charles Sousa and the Ontario Government impose a tax on foreign home buyers and I ask Municipal Councillors, across Ontario, to join me in demanding action

In December 2016, Toronto City Council supported a Motion put forward by Councillor Karygiannis to direct the City to consult with the Province in examining the impacts and possibility of the City levying an additional land transfer tax on the sale of homes to non-Canadian residents of up to five (5) percent of the value of the sale of the home.

The average price of a house sold in the Greater Toronto Area (GTA) last month increased 27.7 percent over last year. The average price of a detached house in Toronto is now more than $1.5 million.

“This rapid escalation in housing prices is making home affordability a fantasy for families hoping to purchase a home.” Mr. Karygiannis stated. “The Ontario Government must identify foreign speculators as agents crowding our housing markets and tax them to level the playing field for our Canadian buyers.”

Last year, British Columbia imposed a fifteen (15) percent tax on foreign nationals buying real estate in Metro Vancouver. Home prices dipped up to 13.5 per cent in some Vancouver markets and sales in the previously crowded market plummeted 41.9 per cent year-to-year in February. The foreign buyers’ tax in BC is working as intended. However, many economists are signaling that other regions of the country will have little choice but to co-ordinate action as foreign buyers shift to our municipalities.

Earlier this month, Finance Minister Charles Sousa said he would consider a foreign home buyer tax in the upcoming Provincial Budget.

“I’m calling on all municipalities to put pressure on Premier Wynne and Minister Sousa to do the right thing. There is broad based support for a foreign home buyer tax.” Mr. Karygiannis commented. “It worked in Vancouver. It will work in Ontario. The time to act is now!”

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Letter to the Minister click here



Regards,                                                         

Jim Karygiannis                                                                                         
Councillor Ward 39
Scarborough-Agincourt
Tel: (416) 392 1374
Fax: (647) 723 0278
jim@karygiannis.net
www.karygiannis.net
                   

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