Markham Real Estate

Highlights from Article by Carolyn Ireland: Globe and Mail, Feb. 16, 2017

Markham Real Estate

Markham City Council voted down a motion calling on the provincial government to introduce a foreign buyers’ tax. The motion was rejected 8:4 (incl. by Mayor Frank Scarpitti).

Mr. Scarpitti says residents at a recent ratepayers’ group meeting expressed concern foreign buyers are purchasing properties and leaving them vacant, but Mr. Scarpitti believes there are no more than a few empty houses scattered across Markham.

Foreign Buyer’s Tax:  In August, the B.C. government implemented a 15-per-cent tax on foreign buyers of properties in Metro Vancouver. The market there had started cooling earlier in 2016; since the tax came into effect, sales have tumbled.

The Toronto Real Estate Board and the Ontario Real Estate Association have quickly tried to extinguish any notion of a foreign buyers’ tax in Ontario.

“I was happy to see the motion in Markham go down solidly,” Tim Hudak (CEO, OREA)

Mr. Hudak says the overwhelming majority of home buyers from foreign countries are not speculators – they are immigrants looking to buy a family home. The former leader of the Ontario Progressive Conservative Party adds that they are essential to the province’s economic success. He calls the tax proposed in the motion discriminatory.

For the full story, see : Globe and Mail, Feb. 16, 2017

(Photo: Tony Bock/Toronto Star)

Christine Ng   Broker, Royal LePage Signature Realty   tochristineng@gmail.com

Foreign Buyer Tax – City of Markham says NO

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