The new Ontario home tax for offshore buyers will raise about $150 million for the first 2,000 homes sold. That guesstimate will be mostly one bedroom condos selling for $250,000 and another huge percentage of those 2,000 homes selling in the middle half million dollar range.
That's at a tax rate of 15 percent based on the selling price. For a two bedroom condo selling for $500,000 that rate will give $75,000 to the government of Ontario and Canada.
