The Toronto Real Estate Board recently issued a press release congratulating the new Chair of the City of Toronto’s Budget Committee, Councillor Frank Di Giorgio.
“We applaud Councillor Di Giorgio for this commitment to the city,” said Toronto Real Estate Board president Ann Hannah. “The role of Budget Chief is critical to the success of our city. We look forward to working with Councillor Di Giorgio, in his new role, as he works to address the many important budget issues facing our city, especially the negative impacts of the Toronto Land Transfer Tax.”
According to polls conducted on behalf of the board, almost 70 per cent of Toronto residents support plans to eliminate the land transfer tax, while almost 80 per cent of residents in the GTA would purchase a home outside of Toronto to avoid the tax when they plan to buy a home in the next two years.
“For the buyer of an average detached home in Toronto, the municipal land transfer tax costs about $10,000. It is unfair to expect people like down-sizing seniors, or young growing families who need more space, to pay so much more than their fair share,” Said Hannah. She continued, “Housing sales create jobs when because when people move they spend money on things like renovations, movers, appliances and furnishings. In fact, studies have shown that every resale housing transaction results in over $40,000 of spin-off spending. Every housing sale that is lost as a result of the Toronto land transfer tax risks Toronto jobs.”
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