Land Transfer Tax May Head to Mississauga

According to this article in the Toronto Star , the mayor of Mississauga may be gaining support in her previously lone efforts to introduce a land transfer tax to Mississauga, like the one Toronto has.

The land transfer tax can add thousands to the cost of buying a home and makes affordable home buying difficult for people like first-time home buyers. The Toronto Real Estate Board has long been campaigning to remove the Toronto land transfer tax.

Support for the tax in Mississauga is growing as the city deals with a $1.5 billion infrastructure deficit, but the Mississauga Real Estate Board sent Mississauga city council a letter asking them to not implement a land transfer tax in the city, citing a recent poll commissioned by the Toronto Real Estate Board that showed 74 per cent of people living in Toronto who wanted to buy a home within the next two years were looking at nearby cities like Mississauga specifically to avoid the land transfer tax.

What do you think? Is the city’s infrastructure worth implementing a land transfer tax, or could it make homebuyers look elsewhere?

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