NDP Promises New Foreign Buyers Tax

  5/14/2021 |   SHARE
Posted in Home Buyers by Kit Blott| Back to Main Blog Page

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An NDP government would implement a 20% levy on home purchases made by non-residents.

That was one of the pledges made by NDP leader Jagmeet Singh recently, along with a promise to make a “massive” investment in housing supply to ease the price pressures being seen across the country.

“Let’s massively invest in housing as a way to create jobs locally in communities and as a way to ensure people have a place to call home,” Singh said, promising a $14-billion investment in housing construction to build over 500,000 new units over four years.

He also promised a nationwide 20% tax on home purchases by foreign buyers, similar to the 20% Foreign Buyers Tax currently in place in B.C., and Ontario’s 15% Non-Resident Speculation Tax (NRST).

“We know that people are treating Canada like a stock market when it comes to housing and just plopping their money into the housing market, hoping it will continue to grow,” Singh said.

In comparison, the Liberal government recently announced a 1% foreign owner’s tax on vacant properties in its spring budget, a measure TD economics said is “unlikely to significantly dent current activity.”

Foreign Buyers, Foreign Buyers Tax, Foreign Investors, Government Intervention, Housing Affordability

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