Ontario slaps 15% tax on foreign buyers

Re:Ontario slaps 15% tax on foreign buyers by canada_dry on Thursday April 20, 2017 @04:41PM (#14160646)

Here's a great example of Toronto's out-of-whack real-estate prices...

http://www.360homephoto.com/e74105/

This 1 1/2 story on just a 40' wide lot is being sold AS-IS for $1.5M. A decade ago this house could be had for around $300,000.

It will likely be purchased by a foreign buyer - like many properties in the area - and replaced with a $3M home which will likely sit empty as purely an investment for a Chinese buyer.

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Re:Ontario slaps 15% tax on foreign buyers by 52-6F-62 on Thursday April 20, 2017 @05:17PM (#14161009)

It's such a nice little house, too. It's absolutely crazy. For a city with average wages in the $50-70k range, owning a home may as well be prohibited.

I rent an apartment, I'm on my second one with the same property management company. I've never met the people who own the place. They might not live here. We got along well with our former property manager/landlord, but she moved on in the company and we have never seen the face of the person we pay rent to.

It's a one bedroom condo that we pay $1650 a month for, in a neighbourhood where units of this size don't go for under less than $300,000 -- likely more. Some days it feels like a trap.

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