/EINPresswire.com/ -- TORONTO, ON--(Marketwired - June 05, 2017) - Toronto condo realtor Franco Di Natale of Right At Home Realty Brokerage Inc. and founder of the Toronto Condo Team (www.TorontoCondoTeam.ca), reports that the recently introduced Ontario The Non-Resident Speculation Tax is beginning to show signs of making an impacton the Toronto condominium market. The 15 percent tax, now added to home purchases by non-resident foreigners, was introduced by the Ontario Liberal government in April with the aim of cooling Toronto's hot real estate market. According to the Toronto Real Estate Board, since the tax was implemented, prices and new listings continue to rise across the GTA, although overall sales declined in April, except for condominiums which enjoyed an 8 percent increase in sales. While Di Natale believes that the tax has helped to slow down rapidly rising Toronto property prices and reduced the number of multiple offers, he thinks the tax is bad for the economy.

"The Non-Resident Speculation Tax will not only keep offshore buyers from investing in Toronto residential real estate, but it will also negatively impact foreign company investment. The tax makes it much harder to attract foreign corporations that offer good paying jobs to set up shop in the city. It is also detrimental to foreign companies already here. There are many American companies in Toronto, with American employees. Because of the tax, fewer Americans with job placements will buy in the city. Instead, they will rent in Toronto's tight rental market. It is hard to estimate the value that non-residents bring to the city. They help the economy create jobs, which in turn, creates tax revenue as well. Fewer foreign residents mean less money spent on goods and services and fewer jobs," says Di Natale.

"I personally feel the 15 percent tax on purchases by non-resident foreigners is too high and that it only benefits the government. If anything is going to take pressure off the market and stop Toronto homes from continuingly shooting skyward, it will be increasing the interest rates at the bank. Low-interest rates are driving this market. Cheap money is the reason why some people may be spending more on real estate than they otherwise would. The scarcity of new serviced development land is another problem that must be addressed. The Province cut back on approvals years ago, causing an inventory shortage and contributing to escalating home prices. The Ontario government needs to work on fast-tracking approvals so developers can start building some much-needed inventory. What is especially need are high-density, high-rise condominium developments, for first time buyers and buyers that can no longer afford a single family home in Toronto," adds Di Natale.

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