Toronto’s mayor recently confirmed that he will continue to move forward with one of his election campaign promises to lower and eventually eliminate Toronto’s land transfer tax.
“I campaigned we’d get rid of it by the end of my term and if we do it in pieces, we’ll do it in pieces, but I’m going to keep my promise,” Rob Ford said in a recent a TV interview. “We’re going to be tackling that (next year).”
Fords announcement follows closely on the heels of Toronto Realtors ramping up their lobby efforts at City Hall to repeal the tax.
The provincial government and the City of Toronto presently charge separate land transfer taxes on home purchases. Buyers of a home worth $450,000, for instance, would have to pay roughly $5,500 to the province and $4,700 to the city for a total $10,200 in land transfer taxes.
With that being said, it should not come as a big surprise to anyone that a recent poll suggests that as many as 65 per cent of Torontonians continue to support Mayor Ford's commitment to repeal the Toronto Land Transfer Tax.
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Domenic Mirabelli
Mortgage Intelligence
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domenic.mirabelli@migroup.ca
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