The Commercial Real Estate Industry Coalition includes the Real Property Association of Canada (REALpac), the Building Owners and Managers Association Toronto (BOMA Toronto) and the Building Industry and Land Development Association (BILD).
The group will participate in the city’s revenue tools conversation and will be ensuring that their voice is heard regarding the impact of new taxes on the city’s competitiveness.
"Our industry believes that the city should not try to solve a short-term problem with a long-term solution," says Michael Brooks, CEO of REALpac. "The City's own financial modelling shows the existing budget gap is most predominant in 2017 and 2018.
Reasonable and broad-based funding can be realized within the existing revenue toolbox without the need to introduce more funding mechanisms."
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A group of commercial real estate firms aims to inform Toronto councillors about the impact of new taxes.