What's really driving Toronto's red-hot real estate market

As Ontario's premier rules out taxing foreign buyers, focus turns to domestic speculators

Ontario Premier Kathleen Wynne is signalling she won't follow British Columbia's lead and slap a tax on foreign buyers of residential real estate in the Toronto area.
Domestic investors now account for 25 per cent of the demand for residential real estate in the Toronto area, according to analyst Ben Myers. (Martin Trainor/CBC)

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Ontario offers 1st-time homebuyers bigger tax break

Rising house prices will boost land transfer tax revenues by 15% this year, province says

The Ontario government is moving to double the maximum tax rebate offered to first-time homebuyers while boosting the land-transfer tax on house purchases above $2 million.

Finance Minister Charles Sousa made the announcements in his

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Thank Ottawa for rising rates on longer amortization mortgages as banks move to cover costs

Toronto-Dominion Bank is raising rates on mortgages with amortization lengths above the traditional 25 years, a move industry analysts suggest comes in response to tougher government regulations.

Toronto-Dominion Bank is raising rates on mortgages with amortization lengths above the traditional 25 years, a move industry analysts suggest comes in response to tougher government regulations.

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