Ontario's finance minister says he is rethinking a foreign buyers' tax as one possible option to cool the housing market. The average price of homes sold in the Greater Toronto Area last month rose 27.7 per cent over last year and the average price of a detached home in Toronto is now more than $1.5 million. Ontario re-thinking position on foreign home buyers tax2:12Instead, the provincial Liberal government doubled the rebate on its land transfer tax for first-time home-buyers to $4,000 and raised the same tax on homes that sell for more than $2 million. The average price of a detached home in Toronto is now more than $1.5 million. (Jenna Reid)He says he is considering a number of options for next steps, and "a foreign tax is just one."

Source: CBC News March 09, 2017 22:01 UTC