Meant to make it easier for Ontario residents to find a home
Provincial government is making an effort to fight the housing crisis.
The Ford government says it's increasing the Non-Resident Speculation Tax from 20 to 25 percent, effective today.
The government notes this will deter foreign investors from looking into Ontario's housing market, and help make it more attainable for Ontario residents.
It adds for years there has been concern foreign real estate speculation is driving up the cost of housing in Ontario.
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