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Mortgage Broker News | 13 Jan 2017, 08:15 AM Agree 0
The industry is fighting back against a proposed tax that will make it pricier for Canadians in one major market to buy a home
  • Omer Quenneville | 13 Jan 2017, 10:07 AM Agree 0
    This is the problem with the market today. The double land transfer tax is prohibiting people from trading up causing a shortage of listings which is pushing the prices up. So lets raise the tax and make the problem worse. Right now, today to trade up from a $375,000 condo to a $700,000 house the out of pocket cost would be minimum $60,000.00 and that's assuming transporting the mortgage or no or low discharge cost on the mortgage. People are opting to spend that $60,000 on renovations instead of moving or they are moving to outer areas of the city to reduce the over all cost. The previous Mayor when was in office wanted to eliminate this tax and was voted down by city counsel and then we go ahead and re-elect the same people into city counsel as a reward for keeping this tax. And I bet we will elect them all again. We are getting the government we deserve.
  • Ted E. | 13 Jan 2017, 10:17 AM Agree 0
    Well said. Keep in mind the stricter rules to get approved for a mortgage doesn't help either. I understand why they tighten the underwriting, but it also another obstacle for buyers.
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