The Toronto housing market prices are skyrocketing and have been doing so for years.  In addition to the dangers of a housing market crash, many residents are being priced out of the city, unable to afford to purchase homes.  The pricing increase is certainly partially due to abundant work opportunities in the GTA; however, a large portion of the pricing increase is attributable to foreign investors, who purchase significant amounts of property within the GTA.  The foreign investment in Canada is expected to spike further.  B.C. has recently introduced additional 15% tax on foreign investors buying property in Vancouver.  This in return is expected to funnel even more foreign real estate investment in the GTA, further exacerbating housing market prices. 

Ontario Minister of Finance, Charles Sousa, has already stated that he is examining the tax to determine whether it can be utilized to address Toronto home prices.  Please sign this petition to let him know that you support a foreign real estate investment tax to partially mitigate increased investment in the Toronto housing market. 

Additional reading: 

http://www.cbc.ca/news/business/vancouver-tax-toronto-effect-1.3703805​

http://www.theglobeandmail.com/real-estate/the-market/chinese-investment-in-canadian-real-estate-set-to-increase-in-2016/article29628005/