Today, Markham City Council will be debating a motion calling on the Ontario government to introduce a foreign buyer’s tax.
Please see the attached joint open letter from the Ontario Real Estate Association (OREA) and the Toronto Real Estate Board (TREB) to Markham Mayor Frank Scarpitti.
Also below is a statement for publication from OREA CEO Tim Hudak.
“The overwhelming majority of foreign home buyers are not speculators. Most are recent immigrants, permanent residents or future Canadian citizens looking to buy a family home. They are small business owners, professionals, and students. They are essential to Ontario economic success and cultural vibrancy of Canada. Scapegoating foreigners as the reason for increasing home prices is not based on sound public policy or reliable data. It’s based in the cheap politics of division.
Ontario and Markham are better then that. We should be welcoming newcomers to Ontario and encouraging direct foreign investment in places like Markham, not introducing a discriminatory tax like the one proposed in this motion.”
Ontario Real Estate Association CEO Tim Hudak