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Canada wants to tax phantom foreign homebuyers to rein in red-hot property prices

Canada’s plan to cool a red-hot domestic property market by taxing foreign homebuyers who do not reside in the country could upset the industry recovery and further erode international demand, analysts said.
The proposal has gained traction in Prime Minister Justin Trudeau’s government as property agents recorded roaring business and surging prices this year despite the Covid-19 pandemic, suggesting improving sentiment among investors on the market outlook.
Some 461,818 homes have changed hands…

Read the original article at South China Morning Post

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