With Toronto City Council set to consider a motion by a councillor to ask the provincial government to impose another tax on the sale of non-principal resident homes, referred to as a “speculation tax,” the Toronto Regional Real Estate Board (TRREB) is warning about the potential unintended impacts of such a tax. This tax would be on top of an existing substantial federal capital gains tax on these properties, and TRREB is urging City Council to focus instead on options targeted at increasing the supply of affordable homeownership.

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