Welcome back to Alexjwilson.com and episode 4 of my journey of growing $39,300 into a million dollars. Last week, we talked about the fundamentals of the Toronto real estate market and why it’s poised for long-term growth. I talked about this last week, because I wanted to set us up today to talk about my reactions to the Ontario’s Fair Housing Plan and it’s impacts on the market.
First: 15% Foreign Buyer Tax:
The foreign buyer, as defined by the act, is someone who does not have Permanent Residence/Landed status or is not a Canadian citizen. It doesn’t apply to non-residents who are Canadian Citizens. If you’re living in another country and are a Canadian citizen, it does not apply to you.
Other exceptions include:
- if you are a