There has been a lot of discussion about the Toronto Land Transfer Tax in recent real estate news. Since its introduction in February of 2008, this municipal real estate tax has been far from popular. Mayor Rob Ford brought the opposition discussion to the forefront, and for the first time potential and existing Toronto homebuyers are seeing the possibility of abolishing the tax through the support of the Toronto Real Estate Board (TREB), the Ontario Real Estate Association (OREA), and Realtors across the GTA.
What is the Toronto Land Transfer Tax?
According to the City of Toronto, “The Municipal Land Transfer Tax (MLTT) [is] applied to purchases on all properties in the city of Toronto in addition to the Province’s Land Transfer Tax. The MLTT [is] charged on a graduated basis depending on the value of consideration paid for the property.”
Those who have invested in residential real estate in the last four years have dealt with the additional financial burden that comes with a tax of this size (up to 2% depending on property value). In a joint effort between TREB and OREA, the public awareness campaign, Let’s Get This Right Toronto states:
“Simply put, the Toronto Land Transfer Tax is a tax on the dream of home ownership. It’s paid every time people like you purchase a home in Toronto, and it’s not small. The average home buyer in Toronto faces about $15,000 in land transfer taxes, which has to be paid in full before moving into their new home.”
Here at Chestnut Park, we support TREB and OREA in their opposition of the Toronto LTT to continue to make the dream of homeownership a reality for our valued clients.
**But we need your help! Tell Toronto City Council that you are no longer willing to accept the tax quickly and easily @ LetsGetThisRightToronto.ca.**
*Key photo: Wikipedia Commons
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