House Hunting in … Toronto – The New York Times.

Original article via New York Times. Click here to read.

Until April 20, when the province of Ontario implemented the Fair Housing Plan with a new 15 percent Nonresident Speculation Tax on single-family homes, “the housing market was gangbusters,” said Steven Green, a sales representative at Royal LePage Partners Realty.

With 30 percent growth in a single year, the lack of supply was creating unsustainable demand with “multiple offers and bidding wars,” Ms. Irish said, which was partly driven “by an international buying spree.”

The tax on foreign buyers was “designed to cool the market,” she added, and was “part of a plan to make homes more affordable” and available, particularly for young families.

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