A Toronto real estate lawyer warns introducing a tax on foreign homebuyers would be devastating for the Toronto housing market.
His warning came Tuesday after a prominent economist said it was only a matter of time before the surcharge would come into effect in the Greater Toronto Area.
"So much of [Toronto's real estate] is owned by foreign owners, and we welcome their investments," said Toronto real estate lawyer Bob Aaron.
"It's important to our economy to have foreigners investing here. If we cut off the supply it's going to say Canada is no longer open for business, we're closed for business, we don't want your money; that's going to reverberate throughout the economy.
This summer, British Columbia introduced a 15 per cent tax on foreigners buying property in Greater Vancouver. In a statement Tuesday, Ontario's finance minister Charles Sousa explained there are no plans at the moment to implement a similar tax in Toronto.
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