Non-Canadian citizens made up about 4.7 per cent of real estate transactions in the month after a speculation tax was implemented.
Less than 5 per cent of the 18,282 real estate deals in the Toronto and Golden Horseshoe area involved foreign buyers in the month after a new tax targetting them was introduced, the province reports.
The Liberal government implemented a 15 per cent “non-resident speculation tax” in April, along with a number of other measures to help combat skyrocketing prices amid surging demand.
The figures released Tuesday cover transactions from April 24 to May 26 that could be subject to the new tax. Overall, 4.7 per cent of the 18,282 purchases were made by foreign businesses or buyers who weren’t citizens or permanent Canadian residents.