Focus On
NEW In-House Counsel | Insurance | Intellectual Property | Immigration | Natural Resources | Real Estate | Tax
Story image

Ontario changed the real property landscape: Here's what it means to lawyers

Thursday, September 14, 2017 @ 8:32 AM | By Lisa Laredo

The Ontario government recently announced policy changes that affect the real estate market. I wish to comment on three of the policy initiatives:

Non-resident speculation tax 

Starting immediately, the government imposed a 15 per cent tax on the price of all property in an enlarged Greater Toronto Area (GTA) purchased by non-residents of Canada. This tax is intended to curb the influx of foreign money into the GTA which some believe is fuelling the rise in the cost of residential real estate.

The tax is subject...