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Three quarters of GTA residents support foreign buyer tax

Friday, October 14th, 2016 at 3:25pm Allison Parent

Three quarters of GTA residents support foreign buyer tax

by Steve Randall, Canada Real Estate Wealth 10/13/2016

There is overwhelming support among residents of the Greater Toronto Area for a tax on foreign buyers, according to a poll by Angus Reid.

Implementing a 15 per cent tax, similar to that in Vancouver, would have the support of 77 per cent of respondents with 40 per cent “strongly” supporting the idea. Even the wording “regardless of how it might personally affect you” was not enough to dissuade supporters.

Despite the high level of support, most respondents don’t believe that foreign buyers are the main reason for high prices; in fact, only a third (34 per cent) cited “foreigners investing in this market” as the cause.

Most people (56 per cent) said that the GTA being a desirable location is the main driver of home prices, followed by low interest rates (44 per cent) with foreign investors in third place.

Other factors noted include wealthy people investing (32 per cent), lack of government action (20 per cent – but polled before Ottawa’s latest announcement on rule changes) and lack of available land (19 per cent).

Just 13 per cent believe that owners leaving homes empty was a factor in high home prices in the GTA.

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