The Toronto Real Estate Board has released a statement encompassing its research during the spring and summer months on how the Toronto Land Transfer Tax makes things difficult for home buyers in the city, with a focus on the upcoming municipal election.
“TREB’s municipal election efforts are focused on where the candidates stand on the issues that are a priority to Realtors and their clients, especially the Land Transfer Tax. Realtors look forward to working with the next City Council to ensure that home buyers and owners are treated fairly,” said the president of the Toronto Real Estate Board, Paul Etheringon, in a press release.
According to the Toronto Real Estate Board’s research and polling, the Land Transfer Tax is responsible for a loss of 38,278 resale home transactions and $2.3 billion in economic activity.
Etherington continued, “With that in mind, TREB supports Councillor Ford’s commitment to phase out the Land Transfer Tax. We believe John Tory understands the problem with the Land Transfer Tax and we hope that he will articulate a plan to provide the relief from this tax that voters want. On the other hand, TREB does not support Olivia Chow’s proposal to increase the Land Transfer Tax. City Hall should be reducing its reliance on this unfair and hurtful tax, not increasing it.”
“Toronto voters want municipal election candidates to commit to providing relief from the Land Transfer Tax. This costs the purchaser of 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, like when they need to move because their family is growing or later in life as their lifestyle needs, and income, change. This is an important issue for many Torontonians, and we expect it will influence their voting decisions.”