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Ontario weighing foreign buyers’ tax to cool housing market

March 9, 2017

TORONTO (AP) — The finance minister of Canada’s most populous province is re-thinking a foreign buyers’ tax as one possible option to cool Toronto’s housing market.

The average price of homes sold in the greater Toronto area last month rose 27.7 percent over last year and the average price of a detached home in Toronto is now more than $1.1 million ($1.5 million Canadian).

Finance Minister Charles Sousa said last year that Ontario would not follow the lead of British Columbia, which imposed a 15 percent tax on foreign nationals buying real estate in the Vancouver area.

Sousa said Thursday’s he’s concerned about people’s ability to enter the market and “the degree of fast appreciation.”

He says he is considering a number of options and “a foreign tax is just one.”

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