Fewer foreign residents buying GTA homes

Fewer foreign residents buying GTA homes
16/05/2019 , by , in INTERNATIONAL

New figures show the pace of foreign purchases of residential real estate in the Greater Toronto Area has slowed to a trickle, two years after the province imposed a tax to try to cool the housing market.

The updated numbers show that non-residents bought 1,788 homes in the region covered by the foreign buyers tax from mid-February 2018 to the end of March 2019.

The 15 per cent tax on the purchases netted the government $221 million in that time period. That means the value of residential real estate bought by non-residents in a little more than 13 months totalled about $1.47 billion.

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