Realtors call for consumer action on land transfer tax

Realtors in Ontario have called on consumers to take action to help stop land transfer tax spreading to municipalities. The Kitchener-Waterloo Association of Realtors is urging residents to make their views known to their MPP ahead of a vote in the legislature on December 3. Mark Wolle, KWAR president, says that 90 per cent of residents polled oppose a municipal tax and warns that if it happens it will cost homebuyers dearly: “Home buyers would be forced to hand over approximately $7,300 in total land transfer taxes on the average priced home. This will be a barrier to families looking to achieve their dreams of home ownership, and will have serious impacts on the local economy.” He noted that each home transaction generates around $55,000 in spin-off benefits for the economy.

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