Toronto could implement new speculation tax on foreign homebuyers starting next year

Toronto city council is considering a new tax on foreign buyers of residential properties. The proposed Municipal Non-Resident Speculation Tax (MNRST) would add 10% to the purchase price starting in January 2025. The tax aims to discourage real estate speculation and generate revenue for the city. Exemptions will be considered for certain individuals, and the tax will not apply to certain types of properties.