Ontario slaps 15% tax on foreign buyers, expands rent control in 16-point plan to cool housing

Congenital liar

Ontario announced a slew of measures including a tax on foreign buyers and expanded rent control as part of a plan to temper escalating home prices in Toronto.

The 15 per cent levy will apply to non-Canadian citizens, non-permanent residents, and non-Canadian corporations buying residential properties containing one to six units in the greater Toronto area, the provincial government said in a statement Thursday. Rent control will be imposed on buildings constructed after 1991 — effective April 20 — which limits annual increases.

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