16 January 2017 ~ 0 Comments

Toronto City Council says “raise the land transfer tax cost”

#AnotherObstacle

It looks like Toronto City Council is at it again! Thinking that purchasers of real estate in Toronto’s neighbourhoods are flush with cash, they look to make sweeping changes to the Toronto Land Transfer tax program.

For anyone who has purchased a property in Toronto since February 1st, 2008, you are well aware of this cash grab by the councilors of our city that has contributed to drastic effects, such as a decline in the active selling inventory within Toronto’s boundaries and pushing house prices beyond reach for many of would-be future Toronto residents.

When you remove condominium apartments and townhouses from the mix, the average house price in December for a semi-detached and detached home in Toronto surpassed the $1 million dollar mark.

On a purchase price of $1,000,000 you would currently pay $32,200.00 in L.T.T. (land transfer tax). $15,725 goes into the city’s coffers and $16,475 goes to the clowns in the Provincial Liberal government to waste on all sorts of crap!

Well, if Toronto city council gets their way, effective March 1st, 2017 they would like to increase the percentage for all home buyers 0.05% which equates to a 7% increase in tax for repeat buyers and 6.5% for first time buyers.

Even worse, they want to eliminate the entire rebate for first time buyers who purchase above $700,000 (currently being contemplated by city staff). This is completely ludicrous and beyond punitive. This threshold is nowhere near the average house price in Toronto.

The Toronto Real Estate Board is going to bat, again, for this shortsightedness being pushed from city council against homebuyers in Toronto. Make your voice heard and read more information at anotherobstacle.ca

 

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