The Toronto Land Transfer Tax adds thousands of dollars the cost of a home. Toronto’s Mayor Rob Ford campaigned on removing the Land Transfer Tax, which is still in place. According to a recent poll conducted by the Toronto Real Estate Board, 65 per cent of Toronto residents want to tax removed.
“Mayor Ford, and numerous City Councillors, Campaigned on a commitment to repeal the Toronto Land Transfer Tax, and Torontonians are expecting that promise to be fulfilled. The Land Transfer Tax unfairly targets home buyers, and it must be scrapped,” said the president of the Toronto Real Estate Board, Richard Silver, in a new press release last week.
City Councillors have recently mentioned that the funds from the Toronto Land Transfer Tax should go towards funding the city’s new transit initiatives.
“Realtors understand the importance of an effective transit system for the City of Toronto. In this regard, we hope City Council will move forward to improve the city’s transit system. However, it should not be done with an unfair tax that targets home buyers,” added Silver. “We expect that new transit lines will encourage new development, so home buyers will already be doing their part by helping to grow the City’s property tax assessment base revenue. They shouldn’t be hit a send time with the Land Transfer Tax. City Council should be focusing on ways to make home ownership more affordable, not less affordable. Fulfilling the commitment to repeal the Toronto Land Transfer Tax would move in the right direction.”
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