Foreign Investors Face Housing Tax Increase

Tuesday, 25 October 2022 07:06

By Geoff Waterfield

Meant to make it easier for Ontario residents to find a home

Provincial government is making an effort to fight the housing crisis.

The Ford government says it's increasing the Non-Resident Speculation Tax from 20 to 25 percent, effective today.

The government notes this will deter foreign investors from looking into Ontario's housing market, and help make it more attainable for Ontario residents.

It adds for years there has been concern foreign real estate speculation is driving up the cost of housing in Ontario.

More from Local News

Niagara Man Charged with Child Luring

Police arrested him after posing as "child" on internet
St. Catharines Trying for Development Near Hospital

It has to do with a vacant lot, and quest for residential properties
NRP Release Robbery Suspects Pics

Roberts Jewellery in Niagara Falls robbed last month
Update: Police Charge Another Man, Other Charges Dropped

Police say man was stabbed while sitting on Niagara Falls park bench
Speed Cameras Considered Near Schools

This is in Welland, where city council heard there are too many complaints of speeding
Grimsby Council Pay Reviewed

Councillors voted for an outside independent body to do it, some disagreed saying it's not necessary
NRP Find Missing Senior

Police say Wayne Gillis is safe
Update: Suspect Wanted for Murder

Police say the victim recently died in hospital

Foreign Investors Face Housing Tax Increase

Share

More from Local News