So there were foreign buyers after all in GTA!
After months of denying the effect of the foreign buyers on the GTA housing market, the Toronto Real Estate Board says home sales in the Greater Toronto Area plunged last month by 20.3 per cent as prices continued to climb.
The board says the average selling price for all properties in May was $863,910, an increase of 14.9 per cent from the same month last year.
Sales of detached homes, which had an average selling price of $1,141,041, fell by 26.3 per cent in the GTA.
The data captures a month during which the Ontario government implemented a 15 per cent tax on foreign buyers in the Greater Golden Horseshoe, a fast-growing region stretching from the Niagara Region to Peterborough, Ont., retroactive to April 21.
The Board was saying that foreign buyers are no more then 4% of the total buyers,but after the foreign buyer tax was introduced April 20 we saw immediate and sharp decline of sales,which confirms my oppinion that foreign buyers were between 30-40% from October,2016-April,2017.