Real estate board launches petition

Real estate board launches petition

Real estate board launches petition The industry is fighting back against a proposed tax that will make it pricier for Canadians in one major market to buy a home

The Toronto Real Estate Board has launched a petition to stop a land transfer tax increase in the red-hot city.

“City Hall must stop the land transfer tax hike,” the board says on the website launched to fight back against the proposal. “Torontonians want nothing more than to own a home in the City that they love. But City Hall wants to put up another obstacle to home ownership by hiking the Land Transfer Tax.”

According to the website, land transfer tax in Canada’s largest city has spiked 200% from $3,725 in 2008 to over $11,000 on an average-priced home.

And the city is, once again, proposing an increase.

The proposal includes; a $750 increase for all repeat home buyers, a $475 increase for first-timers, and a $4,475 hike for some first-time buyers.

“City Hall should be making home ownershipmore attainable, not putting up another obstacle,” TREB says.

And affordability is certainly a growing issue in Toronto, with the average home price experiencing repeated double-digit year-over-year increases each month.

The real estate board launched a poll from December 29 to January 4. It found that 59% of Torontonians oppose the tax.

“We are releasing these poll results today, in conjunction with our deputation to the City’s Budget Committee and the launch of our public website, www.anotherobstacle.ca, to deliver one simple message: City Council should be trying to make home ownership more attainable, not less,” Larry Cerqua, President of the Toronto Real Estate Board said. “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.”
 
2 Comments
  • Omer Quenneville 2017-01-13 10:07:23 AM
    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.
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  • Ted E. 2017-01-13 10:17:15 AM
    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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