She also noted that an Ontario tax could discourage Americans from investing in cottages around Toronto. Usher cited Hamilton where real estate is just gaining strength after years of economic struggle. “Any tax is going to eliminate some of the real estate activity which is a major, major contribution to the overall economy. Ontario finance minister Charles Sousa says he will cast a close eye on British Columbia’s move to tax foreign homebuyers in a bid to keep housing prices affordable in the scorching Vancouver real estate market. But Ontario needs to be cautious about how a similar measure in the Toronto area could spill over into the rest of the province.

Source: thestar July 26, 2016 21:22 UTC