As of January 2022, the government is applying a 1 per cent annual tax on the value of non-resident and non-Canadian owned properties that are “vacant or underused.”

The TREB is strongly against imposing a provincial foreign buyer tax in addition to existing provincial taxes on home buyers.

The number of home sales in February 2017 increased 5.7 per cent year-over-year, climbing from 7,583 in February 2016 to 8,014 last month, says TREB.

The Toronto Real Estate Board recently released its annual Market Year in Review & Outlook Report at its Economic Summit in Toronto on January 31.