There is overwhelming support among residents of the Greater Toronto Area for a tax on foreign buyers, according to a poll by Angus Reid.

Implementing a 15 per cent tax, similar to that in Vancouver, would have the support of 77 per cent of respondents with 40 per cent “strongly” supporting the idea. Even the wording “regardless of how it might personally affect you” was not enough to dissuade supporters.

Despite the high level of support, most respondents don’t believe that foreign buyers are the main reason for high prices; in fact, only a third (34 per cent) cited “foreigners investing in this market” as the cause.

Most people (56 per cent) said that the GTA being a desirable location is the main driver of home prices, followed by low interest rates (44 per cent) with foreign investors in third place.

Other factors noted include wealthy people investing (32 per cent), lack of government action (20 per cent – but polled before Ottawa’s latest announcement on rule changes) and lack of available land (19 per cent).

Just 13 per cent believe that owners leaving homes empty was a factor in high home prices in the GTA.
 

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate


More market watch: