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Mortgage Broker News | 08 Feb 2017, 08:15 AM Agree 0
Better educational and business prospects make Toronto real estate an especially enticing choice for foreigners
  • Omer Quenneville | 08 Feb 2017, 02:15 PM Agree 0
    I have been licenced in Hong Kong for almost 10 years and I must say my experience has been very different. Over seas buyers are definitely looking for quick turnaround on investment. Just look at the resales on a newly registered condo and you will see quickly that these units are not being occupied by students. I have to say a tax on foreign investors is long over due provided that the tax is used as a relief to be offered to the trade up buyers so they can afford to trade up. Currently the cost to trade up from a $350,000 condo to a modest $750,000 home is no less than $60,000.00 (that’s the starting cost) due primarily to the double land transfer tax. This is what is causing the shortage in the market and causing prices to increase. IF this could be off set with a tax on foreign investors I would be all for it.
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