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Published: Apr 21, 2017 1 min read
Housing Market: Century 21 realtor board with a for-sale
A Century 21 realtor board with a for-sale sign hung outside a residential house in Toronto.
Roberto Machado Noa—LightRocket via Getty Images

Ontario officials are now imposing a 15% tax on those who want to buy a residential home but are not residents or citizens of Canada.

Ontario's tax is similar to the one implemented in Vancouver, British Columbia, the New York Times reports, and is being enacted because of the rising housing prices particularly in and around Toronto that are preventing people from buying homes and putting political pressure on elected officials to take action.

READ MORE: Everything I Wish I Knew Before Buying a House

According to the Toronto Real Estate Board, the average price of a home in Toronto rose 33.2% between March 2016 and March 2017.

“There wasn’t one single thing we could do that would deal with the issues we’re confronting,” said Ontario's premier Kathleen Wynne, according to the Times.