What is a Non-Resident Speculation Tax (NRST)?

In an effort to manage the out-of-control prices facing home buyers in the Greater Golden Horseshoe (GGH), the Provincial Government of Ontario recently introduced “The Fair Housing Plan”, which includes several measures that will be taken to encourage affordable housing for Ontario residents. One of these measures is the Non-Resident Speculation Tax (NRST). The NRST…