New Toronto real estate data raises questions about tax on foreign buyers

Toronto real estate prices rise nearly 25%

TORONTO — The Toronto Real Estate Board says there is fresh evidence indicating that speculation and foreign ownership make up a small component of the city’s housing market, raising questions about the need for Ontario’s plan to tax foreign speculators.

The board released new data on foreign buyers at the same time as it reported that prices continued to soar last month, though there were signs the market may be cooling as the number of transactions slipped.

TREB says that between 2008 and April 2017, the average share of foreign buyers of properties in the Greater Golden Horseshoe region, which stretches from the Niagara Region to Peterborough, Ont., was 2.3 per cent.

It says during the same time period, the share of homes that were bought and sold within one year of the original transaction — an indication of speculative activity — was also low.

In 2016, less than five per cent of transactions fit that definition, while in the first four months of this year, it went up to seven per cent.

TREB says its analysis was based on property assessments and land registry data in the province.

The new data came as the average price for all properties in the Greater Toronto Area last month rose to $920,791, an increase of 24.5 per cent compared to a year ago. That was slightly below the 33.2 per cent year-over-year increase in prices in March.

TREB says there was a dramatic increase in the number of new listings, which rose by 33.6 per cent since April 2016. But it also found the total number of sales in the Greater Toronto Area in April was down by 3.2 per cent from a year ago.

The Canadian Press

Just Posted

Chef struck by car on Gorge Road dies in hospital

Khushal Singh Rana leaves behind a wife, four-year-old son and unborn twins

Young conductor to premiere new composition at Celebrate Canada concert Monday in Victoria

“Spirit of the True North” the latest musical accomplishment for View Royal’s Jared Richardson

Saanich Peninsula businesses recognized during annual Crystal Awards

Chamber of Commerce hosts 11th annual business excellence awards

Former Peninsula News Review carrier crowned Miss Teen Canada Globe

Anna Serogyna, a Grade 11 student at Stelly’s Secondary, did not intend… Continue reading

Rebels season over after loss in Cullen Cup Final

Westshore had won ten straight games prior to championship game

Sooke fudge company on Dragon’s Den Nov. 2

Fudge in A Round appearance on Dragon’s Den celebrated with a viewing party at the local Legion Nov. 2

String of collisions in James Bay, downtown Victoria, linked to suspected impaired driver

City man faces up to four MVA charges after vehicles hit, pedestrians almost hit

WATCH: 10,000 signatures gained to stop ‘no pets’ rental policy

Pets OK BC said about 1,700 animals were surrendered to the BC SPCA last year due to housing issues

Silver Creek reacts after remains found, man arrested

Neighbours of property where remains were found say man arrested was sweet and polite

VIDEO: Oprah Winfrey and a celebrities attend ‘B.C. Miracle Concert’

Fundraiser featured Foster, Steven Tyler, The Tenors, Matteo Bocelli, Laura Bretan, Carly Rae Jepsen

Council to hold public hearing on EDPA report Oct. 28

Saanich residents will finally get a chance to comment on a long-awaited… Continue reading

Book recycling program helps Peninsula families

It has been 12 years since Daphne Macnaughton was principal of Saanichton… Continue reading

Human remains found at Silver Creek property

RCMP have been searching the property in the 2200 block of Salmon River Road for the past three days

Pumpkins’ versatility goes beyond Halloween

Linda Geggie For the Saanich News Get this. My 13-year-old just came… Continue reading

Most Read