More support against Ontario putting a tax on foreign home buyers

The Toronto Real Estate Board is joining its provincial counterpart is calling on Finance Minister Charles Sousa to forget any idea of a tax on foreign home buyers.

TREB says concerns about the impact of foreign buyers on the Greater Toronto Area real estate market are ``widely overblown'' and a tax will not address the supply shortage that's been driving home prices higher.

Sousa said yesterday that he's considering implementing a foreign buyers' tax as a possible option to cool Toronto's red-hot housing market.

He said last year Ontario would not follow B-C's lead and take such a step but house prices have continued to soar -- with the price of a detached, single-family home rising nearly 30 per cent last month from a year ago

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