The Toronto housing market has been very active in recent years, and even after the implementation of the foreign buyers tax in April 2017, the prices of newly built condos in downtown Toronto have continued to soar.
Many people who have lived in Canada for a period of time have accumulated some wealth, and many families are planning to buy a second property for investment or to change houses.
The Canada Revenue Agency stipulates that non-tax residents (such as investors from China, the United States or outside Canada) need to withhold 25% of their income from rental income from real estate in Canada. This withholding tax is often more than the actual amount payable.