A home in Toronto’s Bridle Path neighbourhood would hand the provincial government a $5.25 million tax windfall if it sells to a foreign buyer at the asking price.
The former home of late property developer Robert Campeau has returned to the market this week with a new price tag of $35 million, up from its $25 million asking price a year ago.
That would mean $1.7 million for a Canadian taxpayer and $5.25 million for most foreign buyers, the Financial Post’s Garry Marr reports.
Re/Max Realtron listing agent Barry Cohen says that the 15% foreign buyers’ tax, which was not in force when the home was last listed, will not put off potential buyers, who now view that as part of the cost of moving to Canada with Vancouver and Toronto adding the tax.
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