“The Ontario government announced Monday it is increasing the foreign homebuyers tax to 25 per cent effective Oct. 25. The tax was previously raised to 20 per cent from 15 per cent in March 2022. The purpose of the tax is to give young families, newcomers and Ontarians, who dream of having a home, the ability to do so, said Ontario minister of finance Peter Bethlenfalvy, in a statement. […] The foreign homebuyer tax was projected to bring $175 million into provincial coffers this fiscal year, said Phil Soper, CEO and president of Royal LePage. ‘[Its] impact on home prices or supply is very minimal,’ he said.”

“To prioritize Ontario families and homebuyers, we are increasing the Non-Resident Speculation Tax rate from 15 to 20% and expanding the tax to apply provincewide effective March 30, 2022. […] We will also consult on potential measures to address concerns related to land speculation. For example, we will be exploring ways to discourage construction slowdowns that may be artificially driving up prices of new homes for Ontario families through land speculation.”