According to a new poll conducted for the Toronto Real Estate Board, Torontonians show continued support for eliminating the land transfer tax, which can add thousands of dollars to the cost of a home.
“The public continues to feel strongly that the Land Transfer Tax should be scrapped,” said the President of the Toronto Real Estate Board, Ann Hannah. “Torontonians know that the land transfer tax is bad for our City, and they want City Council to follow through on commitments to phase it out.”
– 65 per cent of buyers who live in the city of Toronto say they will probably buy a home outside of the city to avoid the tax, while 74 per cent in Toronto and the GTA say the same.
– 90 per cent of buyers feel that they received little to no value in municipal services for the amount of tax they paid.
– 65 per cent of people in Toronto support the plans to repeal the tax.
Von Palmer, the Chief Government and Public Affairs Officer for the Toronto Real Estate Board, said that, “The land transfer tax has hurt Toronto for long enough. We have been speaking out against this tax for some time and will keep doing so until City Council takes action. We’re proud of our efforts to stand up for the public and inform them on this issue, and we will keep doing so. The public expects action on this unfair tax before the next municipal election.”
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