More data re: Toronto tax needed - Tory

More data re: Toronto tax needed - Tory

More data re: Toronto tax needed - Tory With an increasing number of Toronto-based observers and residents calling for the implementation of a foreign buyer’s tax similar to that of B.C., mayor John Tory reiterated that the city government needs more information on the possible impact and effectiveness of such a levy.
“[We] need to make sure that we understand the realities of our local housing market before we decide if such an action as that is necessary or for that matter appropriate in the Toronto market,” Tory stated in a report.
The Toronto mayor emphasized that the presence of foreign capital in Vancouver’s single-family home market is well-documented, something that cannot be said for the capital of Ontario.
“Without that information we really can’t have an informed response as to whether measures similar to Vancouver’s are necessary so I will be asking the province to help us address this information gap so we can make more informed decisions about what is happening here and what we may do about it,” Tory noted.
August 2016 saw a 24 per cent year-over-year growth in Toronto’s sales volume, with the average price for all property types going up by 18 per cent to $710,410. Meanwhile, detached homes in the city got sold for an average of $1.2 million in the same time frame.
The B.C. foreign buyers’ tax was introduced in the wake of the out-of-control price growth in Vancouver, which various quarters have pinned on the prominence of foreign capital in Canada’s hottest housing market.
Vancouver mayor Gregor Robertson admitted that it’s early days yet regarding the outcome of the tax.
“We are watching the data across the board and it is too early to tell. The prices are still holding but the market has obviously slowed dramatically,” Robertson said. “There is also some growing concern about the impact on commercial property and whether the investment dollar may go to where there is no 15 per cent tax, making the commercial market too hot.”
  • Kris Kooblall 2016-10-04 9:44:53 AM
    It is not data and reports that are needed to confirm the effect of foreign buyers on the residential housing market in Toronto.

    It is not that the evidence is well documented in Vancouver, it is that tens of thousands of Canadian families will NEVER be able to purchase a single detached home in Vancouver for their families to live in.

    That is a fact.

    That will happen very soon here in Toronto.

    Mr. Joe Oliver, our previous federal finance minister, et al, has called for the immediate implementation for the tax to be introduced to quell the crisis and fury on the market.

    We have exhausted the rationale as to why the tax needs to be implemented with supporting and fact filled arguments.

    Mr. Tory is starting to appear very non- descript here.
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  • TWH 2016-10-04 10:25:45 AM
    The Data already exists and we read it each month. It can be vetted using 3 separate branches of governments data combined with sales data released publicly.

    If you can read what the data actually says, you knew exactly when Vancouver's prices began to be impacted by FB capital.

    If not you waited months later and went to the land registry office and checked.

    It is that crazy with so many Housing Economyths being believed with no evidence to support them.
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