![\"toronto-night\"](\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2017\/06\/toronto-night.jpg\")
<\/a><\/p>\nPhoto: Kevin Cabral\/Flickr<\/a><\/em><\/p>\n One of these foreign-homebuyer taxes is not like the other.<\/p>\n TD Economics has outlined how Ontario\u2019s Non-Resident Speculation Tax will likely have a more prolonged effect in cooling the Greater Toronto Area\u2019s housing market than BC\u2019s foreign-homebuyer tax had for Metro Vancouver, which is heating up once more.<\/p>\n TD\u2019s economic-research department is now forecasting GTA home prices will rise 12 per cent this year, a downgrade from its previous calls for annual gains of 15 per cent.<\/p>\n \u201cWhile early yet, a key difference between current patterns in the GTA and last year\u2019s GVA experience is the jump in resale supply in the former market,\u201d reads a new TD Economics report.<\/p>\n In May, the first full month of activity after Ontario announced it\u2019s Fair Housing Plan, which included a foreign-buyer tax for the Greater Golden Horseshoe, new resale listings in the GTA surged 48.9 per cent on from a year earlier, according to the Toronto Real Estate Board (TREB).<\/p>\n But in September 2016 \u2014 the month after BC implemented a foreign-homebuyer tax in Metro Vancouver \u2014 listings were down 1 per cent from one year prior, according to the Real Estate Board of Greater Vancouver (REBGV).<\/p>\n \u201cWhile most measures still point to balanced market conditions in the Toronto region as of May, the additional supply on the market is likely to contribute to a slowdown in home price growth going forward,\u201d TD Economics states.<\/p>\n \u201cAs such, the deceleration in home price growth is likely to be more broad in the GTA than has been the case in the GVA,\u201d TD adds.<\/p>\n So a second heatwave for Toronto appears less likely. But in terms of immediate impact, the Toronto market is \u201cmirroring\u201d what was seen in Vancouver in the wake of the levy, TD Economics notes.<\/p>\n<\/a><\/p>\n