TREB to make recommendations on affordable housing
The Toronto Real Estate Board will be making recommendations to the city’s budget committee today in a bid to tackle housing affordability. TREB says that making some changes to tax policy could benefit those wishing to buy a home and the City Council. It’s suggesting that the land transfer tax rebate available to first-time buyers should be increased along with the threshold at which the tax becomes payable. TREB points out that these levels have not been updated to take into consideration general inflation or the increase in house prices. “We believe that the two adjustments to the Land Transfer Tax that we are recommending could significantly help more people to become home owners and help the City to achieve its affordable housing goals,” said Von Palmer, TREB’s Chief Government and Public Affairs Officer.