Newspaper article The Canadian Press

Brace for a Possible Tax on Speculative Home Purchases: CREA Chief Economist

Newspaper article The Canadian Press

Brace for a Possible Tax on Speculative Home Purchases: CREA Chief Economist

Article excerpt

CREA economist warns of speculation tax

--

TORONTO - The chief economist of the Canadian Real Estate Association says homeowners in the Greater Toronto Area should brace themselves for a possible tax on speculative home purchases.

Gregory Klump says he would not be surprised to see policy-makers roll out such a measure just as the market begins to recover from the most recent round of changes.

"I don't think they're done yet," Klump said during an Economic Club of Canada roundtable in Toronto Wednesday.

The Ontario government introduced a suite of policies in April aimed at cooling runaway house prices in the fast-growing Greater Golden Horseshoe region, including a 15 per cent tax on foreign buyers and expanded rent controls.

Home sales in the GTA plunged by 20.3 per cent in May, the month after the new rules took effect, suggesting that the measures are having the desired impact. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.