Statement from CEO Tim Hudak re: Non-resident speculation tax data

“We are pleased to see the government collecting and publishing these numbers. It is always important for public officials to make policy decisions informed by good data. Today’s release of foreign buyers’ data reiterates the findings found by the Toronto Real Estate Board from earlier this year.

The ultimate solution to addressing the barriers facing Ontario home buyers is to increase housing supply. The best way to increase supply is seeing more of the ‘missing middle’ type homes being built like townhouses, stacked flats or mid-rise buildings. We would also like to see building approval processes sped up to get shovels in the ground faster for projects that will put more homes on the market and providing municipalities with greater flexibility in their growth plan to reflect their local market conditions.”

- Tim Hudak, CEO for the Ontario Real Estate Association