“We say no to the status quo,” reads a press release on the Toronto Land Transfer Tax from the Toronto Real Estate Board. “Torontonians elected this City Council with a clear mandate to get the City’s finances in order and change the way City Hall operates, including repealing the Toronto Land Transfer Tax. The public does not expect to see Councillors’ convictions crumble when decision time approaches.”
“Torontonians want the Toronto Land Transfer Tax abolished; they don’t want excuses. Unfortunately, some City Councillors are still targeting home buyers and would prefer to keep this tax.”
A recent survey found that 75 per cent of Torontonians are in support of repealing the Land Transfer Tax, with 68 per cent supporting the measure even considering Toronto’s budget shortfalls.
“The Toronto Land Transfer Tax is a job Killer: economic analyses have shown that about 40,000 Toronto jobs rely specifically on the economic activity that is generated when people buy and sell homes in the City. For resale housing alone, spin-off spending related to home buying, on things like renovations and moving services, pumped $1.4 billion into Toronto’s economy last year.”
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