Langstaff Gateway Condos price list. The tax on overseas buyers has increased to 20%. The Ontario government of Canada has raised the tax rate for foreign home buyers from 15% to 20%.Please Visit: Langstaff Gateway Condos price list to Get Your VVIP Registration Today!
It also blocked a loophole that allowed foreign students and workers to get tax rebates when buying real estate, in order to crack down on speculation in the property market.
The adjustment to the speculative tax on non-residents announced by Ontario on Tuesday will take effect on Wednesday and has been extended to all residential properties in the province, not just the Big Golden Horseshoe area in densely populated areas of Toronto and South Ontario.
These changes bring Ontario’s foreign buyer policy closer to British Columbia, which has imposed higher taxes on foreign buyers for years.
House prices in Canada have risen 52 per cent since the COVID-19 outbreak. In parts of the Greater Golden Horseshoe Area, such as Cambridge and Bari, typical house prices are at least 80 per cent higher than they were two years ago.
It is not clear how much impact the latest policy changes will have.
According to the latest data from the Canadian Housing Statistics Project (Canadian Housing Statistics Program,CHSP), foreign owners accounted for 2.2 per cent of all residential properties in Canada in 2020. Toronto has the highest rate of foreign home ownership in Ontario, where 3.8 per cent of homes and 7 per cent of apartments are non-resident, according to CHSP.
Under the new law, non-resident speculative tax or NRST tax rebate will no longer apply to international students unless they become permanent residents of Canada within four years of tax payment. In addition, foreign workers are no longer eligible for tax rebates.
Previously, foreign students could get a tax refund if they studied full-time at a school in Ontario for at least two years from the date of purchase. Moreover, foreign workers can also get a tax refund if they work full-time in Ontario with a valid work permit for at least one year from the date of purchase.