Ontario Greens propose tax on domestic buyers of multiple homes

Ontario’s Green Party is proposing a tax on domestic homebuyers with multiple properties as a measure to reduce housing demand.

The election platform promise would start at 20 per cent for a third home purchased and would increase with each additional property.

It would only apply to new home purchases by domestic or corporate buyers who already own two or more homes, and the Greens are also proposing a tax on vacant homes.

Green Leader Mike Schreiner says young people are being priced out of the market and says the current Progressive Conservative government is letting speculation “run out of control.”

The governing Tories recently raised an existing tax on non-resident homebuyers to 20 per cent from 10 per cent and expanded it to cover the entire province.

The federal Liberal government has also introduced a two-year ban on residential real estate purchases with foreign capital.