TORONTO Oct 19 Ontario Premier Kathleen Wynne
on Wednesday played down the chances of introducing a foreign
buyers tax to cool Toronto's housing market, saying the province
will not take the exact steps as British Columbia.
Vancouver implemented a 15 percent tax on foreign home
buyers to try to address a lack of affordability for residents
and some lawmakers have suggested a similar tax could be
implemented in Ontario.
"We have not made final decisions but we will not be doing
exactly the same as what's been done in British Columbia because
we're a different market," Wynne told reporters at an event in
Toronto. "We're Ontario and we need an Ontario solution."
She said Ontario was working with the federal government and
officials in British Columbia on options for the province.
On Monday, Canada introduced new "stress tests" on borrowers
to ensure they can afford future mortgage repayments if interest
rates start to rise, one of a number of measures being
implemented in an effort to cool markets.
Toronto has overtaken Vancouver as Canada's hottest housing
market after the Vancouver tax contributed to a drop in sales of
homes in the city.
(Reporting by Matt Scuffham; Editing by Bill Trott)