The Toronto Real Estate Board (TREB) is doing all it can to put a stop, or at least draw some attention, to the City’s Land Transfer Tax.
In case you’re unfamiliar with the City of Toronto’s Land Transfer Tax, let us explain:
If you have purchase land or have an interest in purchasing land in Ontario, you are required by law to pay the Provincial Land Transfer Tax. If you have already purchased a plot of land or have interest in land located in the city of Toronto, you are required to pay the Municipal Land Transfer Tax in addition to the Provincial Land Transfer Tax.
What Toronto Real Estate Board (TREB) is doing about the new tax proposal
In the fight to combat the city’s Land Transfer Tax, TREB has rolled out a new website, aptly titled ‘Another Obstacle.’ The hope is that the website will draw in traffic and educate Torontonians on the impact of the new hike in tax as well as gather signatures on a developed petition to stop plans in their tracks.
The public seems to be siding with TREB
A poll conducted by strategic research company, Ipsos Public Affairs, from December 29, 2016 to January 4, 2017 shows that:
- 58% of the city’s residents are not in favour of changing the city’s Land Transfer Tax policy to add an additional 0.5% to the value of a home between $250,000 and $400,000
- 59% of the city’s residents are not in favour of including a Land Transfer Tax increase to the city’s strategy to balance budgets
- 67% of the city’s residents support increasing the Land Transfer Tax rebate for first-time homebuyers in order to reduce the amount of tax that first-time homebuyers are required to pay
TREB’s President, Larry Cerqua, weighed in on the poll results:
“City Council should be trying to make homeownership more attainable, not less. These poll results show that the last thing Torontonians want is for City Hall to put up another obstacle to achieving their dream of home ownership, especially in a City where we should be trying to make housing more affordable”
To learn more
If you're curious to learn more about the Toronto Real Estate Board's campaign, check out their recent news release.