The Ontario Real Estate Association has launched a website to inform Ontario home buyers about the potential doubling of land taxes in the province.
The Ontario government has hinted that it may allow municipalities across the province to enact a municipal land transfer tax if they want to, similar to the one already in place in Toronto. This tax can add thousands of dollars to the cost of buying a home, and actually has many home buyers considering avoiding the city all together when looking to buy a home.
“MPPs have a chance to represent the will and interests of their constituents and oppose this unfair tax,” said the president of the Ontario Real Estate Association, Patricia Verge. “Ontario home buyers are already charged a provincial land transfer tax, so by adding a municipal tax, they would essentially be doubling the tax burden on Ontario families. If the Ontario Liberals follow through with this plan, home buyers will be forced to pay $10,000 in total land transfer taxes on the average priced home, starting as early as next year.”
Verge continued, “We’re calling on Ontarians to let their MPPs know home buyers are stretched and already pay enough tax by going to www.donttaxmydream.ca.”