In a press release issued Tuesday afternoon, the province confirmed that it would increase the non-resident speculation tax from 15 to 20 percent from tomorrow.
He said he would now apply the tax to the entire province.  Previously it only applied to properties purchased in the Greater Golden Horseshoe Region.
The changes come three months after BNN Bloomberg reported that the county was ready to raise the tax if the federal government did not keep its campaign to promise to crack down on overseas shopping.
“Young families, the elderly and workers are desperately looking for housing that meets their needs.  “But the lack of supply and rising costs have made the dream of owning a home inaccessible to too many families in the countryside,” Finance Minister Peter Bethlenfalvy said in a statement.  “That is why our government is adopting the most comprehensive non-resident speculation tax in the country.  “Our government is working to increase supply and help keep costs low for Ontario families and home buyers, not for foreign speculators who want to make a quick profit.”
The Ontario tax on non-resident home buyers first came into force in 2017 under the leadership of former Prime Minister Kathleen Wynne.
It initially seemed to be slowing down house prices, but in recent years housing prices in the GTA have risen sharply amid what industry observers have described as a supply crisis.
In February, the average price of a home in the greater Toronto area exceeded $ 1.3 million, up 28 percent from the previous year.
In a statement, the Ontario government said that in addition to the tax increase, it was also abolishing discounts previously available to international students and foreigners working in Ontario.
He says he will continue to allow foreigners studying and working in Ontario to receive a discount if they become permanent residents of Canada.
The Ontario government has not released statistics on the number of individuals and companies paying the non-resident speculation tax since 2020.
In a message posted on Twitter on Tuesday, NDP leader Andrea Horwath welcomed the news that the tax had been raised, while receiving praise for the move.
“I’m glad to see Mr. Ford take a page from the Housing Plan I released in August 2021!  “Doug, if you need other good ideas, take a look at the sections on real rent controls, ending homelessness and increasing the supply of housing that people can afford.”