Toronto Land Transfer Tax Cash Cow

Posted By on Jun 20, 2014 | 0 comments


Toronto is the only city in North America were homebuyers get taxed twice when…(forgive my mistake, allow me to restart…)

getting-screwedToronto is the only city in North America were homebuyers get screwed twice when buying a home.

Back in 2008 our mayor and city council decided that homeownership in the city was not expensive enough and they decided to introduce this wonderful S&M tool to help homebuyers satisfy their needs.

The City has just announced that last year our beloved municipal land transfer tax generated $40 million more than expected…Total revenues exceded $356 Million!!

 Is it time to reduce this tax?…Should we give Rob Ford one more mandate so that he can finally scrap it? 😉

2015-05 dont-tax-my-dream

A study recently commissioned by the Ontario Real Estate Association claims that this tax is responsible for a 2.3 Billion drop in economic activity and that scrapping it would create nearly 15000 new jobs over the next five years.

Real estate and construction fuel our economy, when a homebuyer has to dish out over $12,000 in land transfer tax for the purchase of a $500K house, that is $12,000 less to spend on furniture, home renovations etc.

There is also one more benefit for the local economy that this study missed:

Without the land transfer tax, homebuyers could afford to buy a more expensive house and I would get a higher commission on the sale.  That would be a tremendous benefit for MY local economy and it will indirectly benefit LCBO stores, Strip clubs, bars, Pizzerias and Gelaterias all over the city 😉

It is a win-win situation, please take a minute to write to your local city councillor to let them know that Daniel needs to have more fun.

 

 NOT INTENDED TO SOLICIT CLIENTS UNDER CONTRACT WITH ANOTHER DOMINATRIX 
By the way when I am not busy writing these informative blog posts, I am helping people buy and sell real estate. I am a full time, full service realtor with 10 years experience as a home renovation contractor