Don’t blame overseas investors for the high price of housing in the Toronto area, says the city’s real estate board.
The Toronto Real Estate Board (TREB) released new research Tuesday showing only 4.9 per cent of the 113,133 residential real estate transactions in the Toronto region last year involved foreign buyers.
In an email sent to unit owners in his 17 buildings late Tuesday, Brad Lamb railed against the long-debated idea of a 15 per cent surcharge on buyers of Toronto properties who are not Canadian citizens or permanent residents; similar to the one imposed in Vancouver in August 2016. Boasting of having “eaten, drank, and slept the Toronto real estate marketplace for 30 years,” the CEO of Lamb Developments argues such a tax would be “an egregious error in policy.”
“In Toronto… it could also precipitate a Canada-wide recession,” Lamb wrote near the start of his roughly 1,300-word note.
“Kill the new condo market, kill the Ontario economy. Kill the Ontario economy and Canada falls too,” Lamb wrote.
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