Finance Minister Wants Federal Government to Help Cool Home Prices in Toronto
With the heated Greater Toronto Area real estate market in full swing the Ontario Finance Minister Charles Sousa has asked the Federal Government to step in and do something to help Toronto's hot real estate prices.
Toronto's supply of home has been declining and the market has become a heated sellers market with home prices continuing to rise.
The Ontario Finance Minister has sent a open letter to the Federal Government asking to revisit the percentage home sellers are taxed on secondary homes. Under the current rule when you sell a home that is not your primary residence only 50% of the capital gain is considered taxable income.
Mr. Sousa feels a change in the percentage could be a important step towards keeping the country's housing market stable and help with curbing price acceleration.
Fell details can be read on The Star article.
Contemplating selling or buying a property in the Ottawa area? Call Roch St-Georges at 613-889-7732 discuss your real estate needs.