The non-resident speculation tax is going up from 15 per cent and now covers all residential properties across the province instead of just those in the Greater Golden Horseshoe Area
The Ontario government has increased the tax for foreign homebuyers to 20 per cent from 15 per cent and has closed a loophole that allowed foreign students and workers to get a tax rebate on real estate purchases, in an attempt to crack down on speculation in the housing market.
The changes align Ontario’s foreign buyer policies closer to those in B.C., which has had a higher foreign buyer tax for years.Since the pandemic started, home prices in the country are 52 per cent higher. And in parts of the Greater Golden Horseshoe Area such as Cambridge and Barrie, the typical home price is at least 80 per cent higher than two years earlier.
Under the new law, a non-resident speculation tax or NRST rebate is no longer available to international students unless they become permanent residents of Canada within four years after the tax became payable. As well, foreign workers are no longer eligible for the rebate.
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