Home sales to foreign buyers decreasing in the Greater Golden Horseshoe area
The latest home sales data show a drop in the number of purchases by non-Canadians in an Ontario region that includes Toronto and is subject to a foreign buyer tax.
The 15 per cent tax was imposed in April on buyers in the Greater Golden Horseshoe area stretching from the Niagara Region to Peterborough who are not citizens, permanent residents or Canadian corporations.
The government previously released data from April 24 to May 26, which showed that about 4.7 per cent of properties were bought by people who aren't citizens or permanent residents.
The latest set of numbers covers May 27 to Aug. 18 and it shows the percentage of foreign transactions in the region dropped to about 3.2 per cent.
Finance Minister Charles Sousa says that the measures in the government's housing plan which include the tax are working.
York Region saw the highest percentage of foreign buyers in that three-month time period, with those transactions representing 6.9 per cent of the sales, and in Toronto that number was 5.6 per cent.
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