Jun 14, 2017
By Michael Kramer
Ontario brought in a number of policies in April aimed at cooling runaway house prices in hot market areas – including a 15 per cent tax on foreign buyers – and expanded rent controls.
Meanwhile – the Teranet index says home prices in Toronto were up 3.6 per cent in may – another record – even though sales dropped by 20.3 per cent in the GTA the month after new rules took effect – suggesting that the measures are having the desired impact.
But some economists say the effect may be short-lived like it was in Vancouver – where the introduction of a foreign buyer tax caused a temporary pause in activity before picking up again.