Toronto May Impose Foreign Buyer Tax on City’s Real Estate

The City of Toronto may soon have a foreign buyer tax on local real estate, according to a report to the executive committee. The report from chief financial officer Stephen Conforti is recommending a 10 percent tax for foreign buyers of residential properties in Toronto. Dubbed the Municipal Non-Resident Speculation Tax (MNRST), the recommendation is set to be discussed at the Jan. 30 committee meeting. “The primary objective of the MNRST is to safeguard and enhance the availability of residential housing supply and to maintain a level of affordability in the residential real estate market by discouraging international buyers from purchasing property in the City of Toronto,” the report says....