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Toronto councilor pushes for speculation tax to cool 'insanity' of escalating real estate prices
Toronto councilor pushes for speculation tax to cool 'insanity' of escalating real estate prices Cover

Toronto councilor pushes for speculation tax to cool 'insanity' of escalating real estate prices

As real estate prices soar across Ontario, a Toronto city councilor is about to introduce a motion asking the provincial government to bring in a speculation tax aimed at putting a chill into the red-hot housing market.

Mike Colle, who represents Ward 8, Eglinton–Lawrence, told CBC News he'll make the move when city council meets later this month.

"$1.3 million for a starter home in Toronto. This is insanity," said Colle. "I'm asking the province to look at this as a way of slowing things down and ensuring that reasonable people with reasonable incomes have a chance at a house."

The Toronto Regional Real Estate Board reported last week that the average selling price for all home types combined rose by 21.7 per cent year-over-year to $1,163,323.

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