Prime Minister Justin Trudeau and his Liberals campaigned on taxing offshore buyers, and it’s expected the federal tax on foreign real estate speculators will be passed by Parliament.
Parliamentary Budget Office expects the tax to take in $217 million in revenue for the first year.
The one per cent tax would apply to all residential properties owned by non-Canadians, including corporations and trusts, but homes, condos and townhomes rented to tenants who are not immediate family members will be exempt.
The tax mimics what some provinces have already implemented. Our province implemented a 15% property transfer tax on foreign property buyers in downtown Vancouver in 2016, which the NDP increased to 20% and expanded to include more regions.
Reference: https://canoe.com/news/national/federal-foreign-real-estate-speculator-tax-expected-to-pass
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