With Vancouver and Toronto taxing foreign buyers who buy real estate, Ottawa has become an attractive Canadian city for foreign investors. Rockcliffe Park just east of downtown Ottawa is the home of Prime Minister Justin Trudeau.
The average home sold for 1.5 million last year and rented for about $8,000 to $20,000 according to the TheRealDeal. Prices in the area have also increased by more than 7% with high demand from diplomatic and elected officials.
If you are looking to buy in Canada's...It's no news that Ontario home prices are soaring at rapid speed. With homes in Toronto averaging 1.2 million the Ontario Premier will be introducing a 15% non-resident tax that is hoping to slow down the heated real estate market. Foreign investors make up about 5% of the current buyers. This new 15% tax on foreign investors is modelled on BC's similar tax in Vancouver. Wynne's new tax would affect sales around the Greater Toronto Area and not areas surrounding the Nation's Capital.
The real e...