The Toronto Real Estate Board released a statement on its presentation to the City’s Budget Committee on the proposed 2016 Operating budget.
“Between annual property taxes and the MLTT, City Hall has a huge impact in the cost of home ownership,” said the president of the Toronto Real Estate Board, Mark McLean. “With that said, the proposed budget demonstrates Mayor Tory’s determined leadership by ensuring equity for taxpayers, specifically through bold, yet fair, property tax increases.”
He continued, “Like everyone, Realtors want to see City costs on homeowners minimized. We believe this budget does that with a fair proposed inflationary property tax increase. Realtors also understand the benefits of City building, and believe that revenue, for this, should be collected in the fairest possible way. Property taxes are much fairer than the MLTT. Mayor Tory’s proposed dedicated property tax levy is a fair way to raise revenue for city building projects.”
Based on the average price of a home in Toronto, a home buyers in the city can expect to pay about $9,000 for the Municipal Land Transfer Tax when buying a home in the city of Toronto.