On March 30, 2022, non-resident homebuyers' tax increased by 20% in Ontario, as part of the government's action plan on housing. This should be working to increase supply and keep costs low for Ontario homebuyers, not foreign speculators looking to take advantage.
The tax, first introduced in 2017, had previously been set at 15%, and only applied in the Greater Golden Horseshoe region in Southern Ontario. Foreign full-time students for 2-yr and foreign nationals who worked full-time in Ontario for 1-yr will not be eligible for rebates.
However, rebates and other exemptions for new permanent residents of Canada will still be available. The province is also looking at other possible measures aimed at land speculation issues like construction slowdowns that may be driving up home prices.