With a large number of people looking to buy a home outside of the city of Toronto thanks to the Toronto Land Transfer Tax, the Toronto Real Estate Board has announced that it is continuing to push for the removal of the tax, which can add thousands of dollars to a home purchase.
“A Land Transfer Tax reduction should be part of the City’s next budget process, so the City’s Budget Committee should have an opportunity to review this issue. Torontonians have waited long enough for this and they want decisive action, so the Executive Committee should indicate to the Budget Committee its clear support, in principle, for an initial 10 per cent reduction, and then let the Budget Committee work on the details of making that happen,” said the Toronto Real Estate Board President Dianne Usher.
The Toronto Real Estate Board has called on the City Executive Committee to set a Land Transfer Tax Phase-Out in motion.
“The Land Transfer Tax has hurt Toronto for long enough. It unfairly forces only five per cent of Torontonians each year (those purchasing a home) to subsidize the other 95 per cent. We have been speaking out against this tax for some time and we will keep doing so until the City Council takes action. We’re proud of our efforts to stand up for the public and inform them on this issue, and will keep doing so. The public expects action on this unfair tax before the next municipal election,” said the Toronto Real Estate Board’s Chief Government and Public Affairs Officer, Von Palmer.