Google+ FANNY LEE & THE TEAM :Own Homes. Grow Wealth. Pass It On.: Foreign Home Buyers Tax Surcharge in ON?

Monday, March 13, 2017

Foreign Home Buyers Tax Surcharge in ON?

In August 2016, British Columbia (BC) implemented 15% Foreign Buyer Surcharge for their real estate purchases.  Subsequently, there have been discussions and debates whether a similar levy is to be implemented in Ontario. 

Toronto Real Estate Board (TREB) "cautions against the imposition of provincial foreign buyer tax surcharge." TREB's survey last Autumn indicated, "only an estimated 4.9 per cent of GTA transactions, in which TREB REALTOR® Members acted on behalf of a buyer, involved a foreign purchaser. The vast majority (80 per cent) of foreign buyers purchased a home as a residence, a home for another family member to live in, or as an investment to rent out to a tenant."

TREB suggests the provincial government to explore policy changes that are not only demand-focussed but also supply-focussed.

"The provincial government should work with municipalities and related industry stakeholders to look at ways in which the supply of housing could be increased, including, potentially revisiting land use designations in built-up areas to allow for a broader array of home types to be built, streamlining the development approvals process, streamlining the permit process, and examining ways to incentivize land owners to develop," TREB President Mr. Cerqua.

自從BC省在去年八月實施向購買BC地產的外國買家 額外徵收15% 稅項, 安省亦有不少探討和辯論實行類似政策。

上周五, 多倫多地產商會 (TREB) 發放新聞稿, 對徵收省外國買家附加稅措施有相當保留。  據 TREB 在 2016秋季調查, 去年透過其會員的交易中, 只有4.9%買賣牽涉海外買家, 大部份 (八成) 用作個人府邸、供家人居住或投資為出租物業

TREB 建議省政府政策不要單單着眼於[需求], 應該在[供應]方面作出長期策略。

TREB 總裁 Cerqua 先生: "省政府應該與市政府和業界研究不同增加房屋供應的方案: 例如, 改變現有用地規劃、簡化地產發展計劃審批過程、加速發放批准文件工序, 或獎勵地主發展。" 

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