Trudeau promises to tax foreign speculation in Canadian housing market if reelected

The Liberal Party of Canada will introduce a "modest" 1% tax on non-resident, non-Canadians if re-elected to help prevent foreign speculation from driving up Canadian housing prices, Prime Minister Justin Trudeau said on Thursday.

Speaking at an announcement in Victoria, British Columbia, Trudeau said the national speculation and vacancy tax would apply nationwide and would not affect Canadians living abroad.

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