Toronto May Impose Foreign Buyer Tax on City’s Real Estate

Toronto May Impose Foreign Buyer Tax on City’s Real Estate
A for sale sign is displayed outside a home in Toronto on December 13, 2021. REUTERS/Carlos Osorio
Chandra Philip
Updated:
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The City of Toronto may soon have a foreign buyer tax on local real estate, according to a report to the executive committee.

The report from chief financial officer Stephen Conforti is recommending a 10 percent tax for foreign buyers of residential properties in Toronto. Dubbed the Municipal Non-Resident Speculation Tax (MNRST), the recommendation is set to be discussed at the Jan. 30 committee meeting.