Montreal opposition wants to tax foreign real estate buyers

The opposition at city hall is worried about a spike in foreign real estate investors

Projet Montreal wants Quebec to give the city the power to impose a tax on foreign buyers if the market starts to heat up.

The concern is that the foreign-homeowner taxes in Vancouver and Toronto will lead to more investors coming to Montreal.

Foreigners currently own about 5 per cent of downtown properties.

Projet Montreal leader Valerie Plante says action must be taken before it's too late.

“It’s about being responsible, being proactive, and making sure that families who want to live in Montreal can afford to buy a house, buy a condo, here on the island of Montreal and not recreate the same situation as in Vancouver and Toronto,” she said.

Projet Montreal will table a motion asking for the power to implement a tax on foreign investors during a council session in two weeks.