Minister of Municipal Affairs and Housing Ted McMeekin announced that the government of Ontario would not be extending power to municipalities across Ontario to implement their own Land Transfer Tax, something that Toronto has had in place for years.
“This is a huge win for Ontario’s home owners and those who dream of one day owning a home,” said the president of the Ontario Real Estate Association, Patricia Verge in a press release. “On behalf of OREA, I want to thank Minister McKeenin for his leadership on this issue and for standing up for Ontarians who said, by the thousands, that this is not a fair or equitable tax.”
She continued, “I would like to also acknowledge MPPS on all sides of the legislature who spoke both publicly and privately against the tax. Your work has helped protect affordable home ownership for future generations. Finally, I’d like to thank the public who rallied with us to put a stop to the spread of this tax and to OREA’s 60,000 members for their feedback, dedication and commitment over the past weeks.”
According to OREA, almost 80 per cent of Ontario residents think that a municipal land transfer tax would limit their ability to afford a home, while it’s estimated that Toronto’s land transfer tax has already cost Toronto almost 15,000 jobs.