Fort Erie, Ontario Mayor Wayne Redekop has issued a warning that the federal government\’s Underused Housing Tax will have a negative impact on the local economy and its relationships with seasonal residents. The tax, which applies to foreign-owned property, is meant to cool down Canada\’s housing market and stop foreign investors from parking their money in residential real estate that ends up sitting empty. Redekop has argued that the exemptions are inadequate and unfairly applied, and has called for an additional exemption based on time spent at the property. U.S. Representative Brian Higgins has expressed openness to solutions that leave his constituents exempt, and is discussing the issue with stakeholders, the U.S. embassy in Canada, and members of Parliament. Redekop has also raised concerns about foreign property owners not understanding their obligations under the tax.
The Underused Housing Tax has caused concern in Fort Erie, Ontario, where Mayor Wayne Redekop has warned of its negative impacts on the local economy and relationships with seasonal residents. Redekop has argued that the exemptions are inadequate and unfairly applied, and has called for an additional exemption based on time spent at the property. U.S. Representative Brian Higgins is discussing the issue with stakeholders, the U.S. embassy in Canada, and members of Parliament. He is open to solutions that leave his constituents exempt. Redekop has also raised concerns about foreign property owners not understanding their obligations under the tax. Join my Facebook group to stay updated on the latest developments in this story.
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