Those looking to buy a home in Toronto may be hit with even higher prices in the very near future.
And they can thank what’s happening in British Columbia for that.
As of Tuesday, a new property tax for foreign homebuyers took effect. The BC Liberals brought in the 15% tax as a way of improving home affordability in Vancouver, which has some of the highest home prices in the country.
Because of that, some out-of-country buyers are being priced out of the market, and are now focusing their sights on Toronto.
Last month, the average price of home in Vancouver was just over $1M, slightly higher than prices in Toronto, according to Royal LePage.