Officials move to slow soaring housing prices in Toronto area
Several measures have been announced, including a 15% tax on residential buyers who are not residents or citizens of Canada
Ottawa, Ontario
IN a bid to slow the soaring growth of housing prices in the Toronto area, Ontario officials announced several measures on Thursday, including a 15 per cent tax on residential buyers who are not residents or citizens of Canada.
The average price of a single-family house in Toronto rose 33 per cent in March compared with March 2016, to C$1.6 million (S$1.7 million), leading many young families to abandon plans to become homeowners. Bidding wars, often highly publicised, have erupted over houses that would not attract a second glance in a less-heated market.
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