Toronto Real Estate Board Opposes Investor Tax

“A speculation tax could primarily impact small-scale ‘mom and pop’ investors who also happen to be a key source of supply for an already tight rental market,” said TRREB president Kevin Crigger, painting a quaint picture of the investors bidding up prices in the Toronto real estate market. The average price for a home was $1,163,323 in November, with detached 416 homes averaging $1,807,983. “Experts, including TRREB, agree that policies aimed at the demand side of the market will not have any sustainable long-term benefits.”

“The best option would be for City Council to accelerate implementation of its Expanding Housing Options in Neighbourhoods initiative to facilitate a greater diversity and number of housing units in existing neighbourhoods,” says TRREB CEO John DiMichele”.

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