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Realtors call on Mayor Ford to fulfill his promise to eliminate Toronto’s land transfer tax

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guest | 23 Sep 2011, 04:01 PM Agree 0

"Four years ago, many of the same city councillors that are currently opposing changes at city hall claimed that the Toronto land transfer tax would solve the city's financial challenges,” Richard Silver, president of the Toronto Real Estate Board (TREB), said in a news release. “Yet, here we are, four years after the city began collecting the land transfer tax, and the city's financial situation is the same, if not worse. Why? The answer is simple: the land transfer tax was a band-aid, not a real solution. Like all Band-Aids, it needs to be removed."
 
Only a year ago, Ford declared at an election debate, “I am the only candidate that has put in my platform that I will abolish the land transfer tax as soon as I’m elected.” Approaching his one-year anniversary as the city’s mayor, many people are wondering if Ford actually will remove the real estate levy.
 
The city’s land transfer tax costs the average Toronto homebuyer about $6,000. When the provincial version of this tax is added, buyers can expect to pay on average more $12,000 in land transfer taxes.
 
TREB is directing Torontonians to its website Nohomebuyingtax.com, which offers members of the public a land transfer tax calculator and email links to city councillors – a way of voicing their opposition to the real estate tax.
 
"Realtors have seen the result of the City's past approach to fiscal management first hand,” Silver said. “Relying on unfair taxes, like the Toronto Land Transfer Tax, instead of getting the city's finances in order, has hurt home buyers, home owners, and the Toronto economy. We urge City Council to work with the mayor to bring the city into a better financial position."
  • T.O. Tom | 23 Sep 2011, 05:46 PM Agree 0
    <i>“Yet, here we are, four years after the city began collecting the land transfer tax, and the city's financial situation is the same, if not worse. Why?"</i>

    Is this guy stupid, or just disingenuous?

    The city was in shape to return a balanced budget before Ford got the bright idea to kill off sources of revenue, including the land transfer tax. Now that the loss of those revenues have been factored into the latest projections, things are indeed worse.

    Cart, meet horse.
  • T.O. Tom | 23 Sep 2011, 06:46 PM Agree 0
    <i>“Yet, here we are, four years after the city began collecting the land transfer tax, and the city's financial situation is the same, if not worse. Why?"</i>

    Is this guy stupid, or just disingenuous?

    The city was in shape to return a balanced budget before Ford got the bright idea to kill off sources of revenue, including the land transfer tax. Now that the loss of those revenues have been factored into the latest projections, things are indeed worse.

    Cart, meet horse.
  • Bac Boi | 24 Sep 2011, 11:01 PM Agree 0
    The cities finaanceswere not in shape before Rob Ford came around. The vehicle tax removal and a property tax decrease does not come close to the projected deficit.
  • Bac Boi | 24 Sep 2011, 11:05 PM Agree 0
    The cities finaances were not in shape before Rob Ford came around. The vehicle tax removal and a property tax decrease are to small in actual dollars to cover the projected shortfall.
  • Bac Boi | 25 Sep 2011, 12:01 AM Agree 0
    The cities finaanceswere not in shape before Rob Ford came around. The vehicle tax removal and a property tax decrease does not come close to the projected deficit.
  • Bac Boi | 25 Sep 2011, 12:05 AM Agree 0
    The cities finaances were not in shape before Rob Ford came around. The vehicle tax removal and a property tax decrease are to small in actual dollars to cover the projected shortfall.
  • Gonzo | 26 Sep 2011, 02:32 PM Agree 0
    If you were just talking about Toronto then that should be "City's" not "cities". If you are talking about more than one city then it would be correct to write "Cities"
  • Gonzo | 26 Sep 2011, 02:33 PM Agree 0
    It's possessive, not plural.
  • Gonzo | 26 Sep 2011, 03:32 PM Agree 0
    If you were just talking about Toronto then that should be "City's" not "cities". If you are talking about more than one city then it would be correct to write "Cities"
  • Gonzo | 26 Sep 2011, 03:33 PM Agree 0
    It's possessive, not plural.
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