The Toronto Real Estate Board has released the results of a new poll showing that most Toronto residents would support a reduction in the Toronto Land Transfer Tax, and in fact are more likely to vote for a candidate who supports the same.
“The Toronto Home Buying Tax costs the purchaser or an average Toronto home about $8,000, up front, on top of a similar amount for the provincial Land Transfer Tax. This is a huge cost that hits people when they can least afford it. It targets people like growing families and retirees when they need to move to accommodate their changing lifestyle,” said Dianne Usher, the president of the Toronto Real Estate Board. “It’s no wonder that Toronto voters want municipal election candidates to commit to relief from this tax for home buyers.”
According to the poll, 58 per cent of Toronto residents support a reduction in the Land Transfer Tax. In addition, 51 per cent of Torontonians are more likely to vote for a Mayoral candidate who supports reducing or eliminating the tax.
“Clearly, the Toronto Home Buying Tax is an important issue for voters in the upcoming municipal election,” she continued. “ Torontonians understand that the Home Buying Tax is bad for our City’s economy and unfairly targets home buyers to pay for more than their fair share of taxes.”
“The Toronto Real Estate Board looks forward to continuing to highlight the impact of the Toronto Home Buying Tax during the municipal election campaign, and raising this issue, along with the public, with municipal election candidates,” said the Toronto Real Estate Board’s Chief Government and Public Affairs Officer, Von Palmer. “We believe that Torontonians will, once again, expect City Council to take action on this issue.”