Ontario’s foreign buyers’ tax will yield a $5.25-million windfall should the home get sold to an overseas national
Bridle Path is now playing host to probably the most expensive home for sale in Toronto’s red-hot real estate market: A French-style chateau with over 30,000 square feet of living area, going for an overwhelming $35 million.
The property—which offers 10 bedrooms, 14 bathrooms, a 50-foot indoor swimming pool, and a gourmet kitchen, among others—was built in the early 1980s by late financier Robert Campeau, who combined two neighbouring properties into a single mansion.
“There’s a lot of history with this property,” RE/MAX Realtron agent Barry Cohen told the Toronto Star. “It’s an iconic home.”
Attesting to the continued desirability of the city’s high-end properties, Cohen said that the 15-per-cent levy on foreign buyers (which was not yet in effect when the home was last listed) will not discourage potential overseas buyers. This is because this buying segment now considers the tax as just another part of the cost of moving to Canada.
“The Bridle Path is by far the most luxurious neighbourhood, if not in all of Canada, certainly the GTA,” Cohen told the Toronto Star. “I don’t think you would find four acres, groomed, together, flat and a river running through it (elsewhere). The culture of the home, the architecture … I can’t think of another home that has nailed it quite the same way. It’s all put together. This has at all.”
Should the home get sold at its asking price, the provincial government will benefit from $5.25 million in tax revenue from that transaction alone.
Related stories:
The state of the Canadian high-end property market for the first half of 2017
Alternative mortgages thriving amid Toronto market’s current conditions
The property—which offers 10 bedrooms, 14 bathrooms, a 50-foot indoor swimming pool, and a gourmet kitchen, among others—was built in the early 1980s by late financier Robert Campeau, who combined two neighbouring properties into a single mansion.
“There’s a lot of history with this property,” RE/MAX Realtron agent Barry Cohen told the Toronto Star. “It’s an iconic home.”
Attesting to the continued desirability of the city’s high-end properties, Cohen said that the 15-per-cent levy on foreign buyers (which was not yet in effect when the home was last listed) will not discourage potential overseas buyers. This is because this buying segment now considers the tax as just another part of the cost of moving to Canada.
“The Bridle Path is by far the most luxurious neighbourhood, if not in all of Canada, certainly the GTA,” Cohen told the Toronto Star. “I don’t think you would find four acres, groomed, together, flat and a river running through it (elsewhere). The culture of the home, the architecture … I can’t think of another home that has nailed it quite the same way. It’s all put together. This has at all.”
Should the home get sold at its asking price, the provincial government will benefit from $5.25 million in tax revenue from that transaction alone.
Related stories:
The state of the Canadian high-end property market for the first half of 2017
Alternative mortgages thriving amid Toronto market’s current conditions
