Ontario raises foreign-buyers tax on home purchases to 20 percent
The Ontario government has made changes effective March 30, 2022, to the non-resident speculation tax, as part of the action plan on housing. The intent is to increase supply for Ontario residents and discourage foreign speculators looking to turn a quick profit.
- The tax for foreign homebuyers has been increased to 20 percent.
- A loophole has been closed that allowed foreign students and workers to get a tax rebate on real estate purchases.
- Rebates and other exemptions will still be available for students and workers who become permanent residents of Canada.
- The tax has been expanded to cover all residential properties across the province.