Canadian News Dec 20, 2021 11:47 AM EST

Canadians support tax on foreign property buyers: Report

"Reaction to the idea of a foreign buyers’ tax was positive and some felt the tax should be extended," said an internal government report.

Canadians support tax on foreign property buyers: Report
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Canadians have said they want a tax on foreigners who buy real estate, according to Blacklock's Reporter. These foreign buyers have significantly driven up prices in urban centres like Toronto and Vancouver.

"Reaction to the idea of a foreign buyers’ tax was positive and some felt the tax should be extended," said an internal government report. This was based on nationwide focus groups.

The Trudeau government recently introduced a tax on foreign buyers. This was the first tax of its kind in Canada. Having said that, during the recent election, O'Toole's Conservatives campaigned on an outright ban on foreign buyers.

This year, Trudeau introduced a tax on non-resident foreigners who buy property in Canada. They're taxed at one percent annually if they leave their home vacant for more than six months.

This brings Canada $175 million in tax revenue every year.

"The consensus was that both foreign-owned summer homes and properties purchased primarily for use in Airbnb should be subject to the foreign buyers’ tax," wrote an internal government memo.

"In general participants reacted favourably to this plan, believing it would increase availability and affordability by reducing the number of non-residents purchasing homes in Canada, it added.

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