Since the fourth quarter of 2019, the average benchmark price in Canada, based on RPS data, is up 34.2%.
The Ontario government announced this week that it will increase the Non-Resident Speculation Tax to 20%, up from 15%, and will expand its coverage province-wide.
The government said it will also close several “loopholes” that exist in the form of rebates. It will remove rebates that currently exist for foreign students enrolled in full-time studies in the province for at least two years after their purchase, and also for foreign nationals who work full-time continuously for one year after their purchase.