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Canadian Press NewsAlert: Ontario raises foreign homebuyer tax, makes it provincewide

Ontario Finance Minister Peter Bethlenfalvy takes to the podium during a news conference in Toronto on Wednesday April 28, 2021. Ontario is increasing a speculation tax on non-resident homebuyers to 20 per cent and expanding it to cover the whole province.THE CANADIAN PRESS/Chris Young

Ontario is increasing a speculation tax on non-resident homebuyers to 20 per cent.

The tax will also be expanded to cover the entire province.

It had previously been set at 15 per cent and only applied in the densely populated Greater Golden Horseshoe region in southern Ontario.

The province says the changes will take effect on Wednesday and are part of the government’s action plan on housing.

A news release says the province is looking at other possible measures aimed at land speculation issues like construction slowdowns that may be driving up home prices.

The Opposition New Democrats and Greens had both called for the tax first introduced in 2017 expand provincewide and increase to 20 percent.

The Canadian Press

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