9% of York Region homes purchased by foreign buyers, province's data shows

Ontario Liberals announced non-resident speculation tax in the spring

CBC.ca
July 12, 2017

Foreign buyers were involved in nine per cent of real estate transactions in York Region during the month after the province imposed a 15 per cent tax on home sales to non-residents, according to newly released data.

Of 1,974 total real estate transactions in York Region - a suburb north of Toronto that includes the cities of Markham and Vaughan - 180 involved foreign buyers between April 24 and May 26, the province's preliminary data found.

In Toronto, meanwhile, foreign buyers bought 7.2 per cent of the properties sold during that period.

Other parts of the Greater Toronto Area, like Durham and Peel, saw 2.1 per cent and 3.8 per cent foreign-buyer activity, respectively.

Last week, the province said 4.7 per cent of real estate transactions in the Greater Golden Horseshoe Region involved non-residents.

Of the 857 properties bought by foreigners in the region, 429 - or 50 per cent - were in Toronto, the data revealed.

The Ontario Liberals announced the non-resident speculation tax in late April. It was part of a package meant to cool down a sizzling housing market in the GTA and its surrounding suburbs, which have seen year-over-year price increases in the double digits.

The province said it will release further data in the fall.