In early February, the Toronto Real Estate Board will be making recommendations to the City of Toronto’s Budget Committee.
“The Toronto Real Estate Board applauds Mayor Tory for making the City’s housing needs a priority,” said president of the Toronto Real Estate Board, Paul Etherington. “Realtors agree that housing must be a priority for council. In particular, we believe that the City can play a critical role in helping Torontonians to achieve home ownership, and that ownership housing can, and does, help the City achieve its affordable housing goals.”
The Toronto Real Estate Board will be recommending certain adjustments to tax policy to address affordable housing challenges.
Etherington continued, “TREB continues to believe that the Land Transfer Tax should be phased out entirely. Nevertheless, we are focusing our current recommendations on actions that we believe are realistic and that can, and should, be taken starting with the City’s 2015 budget.”
Von Palmer, the Toronto Real Estate Board’s chief government and public affairs officer, said that, “As a result of rising prices since the Land Transfer Tax was implemented, the average LTT paid to the city has increased by a whopping 102%, but the maximum allowed rebate for first-time buyers has been left unchanged, significantly reducing the actual benefit to first-time buyers. Under the current structure, even a first-time buyer purchasing a below average priced home would not be exempt from land transfer tax and be forced to pay thousands of dollars to the city.”