Feds applaud plan to cool Toronto housing market; won't make it national policy

WASHINGTON - The federal government welcomes Ontario's move to tax foreign home buyers in and around Toronto, but says it won't be replicated on a national level because it's unnecessary in the vast majority of the country.

Finance Minister Bill Morneau said his government was consulted in advance of the move by the Ontario government, which announced a 15-per-cent tax on foreign purchases in the hope of cooling a scorching-hot Toronto housing market.

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