Following up on its Toronto Land Transfer Tax poll from May of this year, the Toronto Real Estate Board has conducted another poll asking Torontonians what they think about the Toronto Land Transfer Tax.
Some poll highlights:
– 69 per cent of Toronto residents support phasing out the Toronto Land Transfer Tax (four points higher than in May).
– Almost one-third of recent first time home buyers in Toronto had to pay some of the tax despite the first time home buyer rebate.
– Most of Torontonians, or 72 per cent, planning on buying a home in the next 24 months will be considering looking outside of the city to avoid the tax.
According to Toronto Real Estate Board president Dianne Usher, “Torontonians overwhelmingly support a phase-our of the Toronto Land Transfer Tax. They have waited long enough. A phase-out of this unfair tax should start with the City’s 2014 budget. This tax penalizes growing families and retirees simply for changing their living arrangements to accommodate their new needs and priorities at a time when they can least afford it. It even forces many first-time buyers, who often struggle to save for a down payment, to pay thousands because the City’s first time buyer rebate has not kept pace with inflation. Furthermore, because of the way the tax is structures, even someone purchasing a home priced below the City’s current average price of $564,000, is being charged the highest Land Transfer Tax Rate, which kicks in on homes priced over $400,000. City Hall has been cashing in on the Land Transfer Tax at a rate that greatly outpaces inflation.”
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