detached home<\/a> in the city was $1,699,881, indicating that it might not be long before that segment of the market breaks $2 million.<\/p>\n\u201cConsidering Toronto has a double land transfer tax, it\u2019s more expensive for people to purchase anyway, so an increase to anything over $2 million is not good at all,\u201d said Shawn Gandhi, a broker with RE\/MAX Real Estate Centre. \u201cIt will negatively affect sales and I think it will create an influx of people moving to the suburbs based on the fact that they may save a substantial amount on closing costs. It will soften sales in the detached segment of the market.\u201d<\/p>\n
Vacant home tax exemption on principal residences<\/b><\/h2>\n
The real estate board credited the City Council for obliging its recommendation to exclude principal residences from its vacant home tax, which was first introduced in Vancouver\u2014the city collected $33 million in 2017, $23.3 million in 2018, and $27.9 million a year later.<\/p>\n
\u201cWe appreciated the opportunity for input, and we are encouraged that the recommended tax design is consistent with TRREB\u2019s views, especially the need for various exemptions. TRREB is generally supportive of the list of exemptions included in the staff recommendations, and we look forward to providing further input as staff continue with the next step of public consultations,\u201d said DiMichele.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Toronto Regional Real Estate Board (TRREB) has launched its latest offensive against the City of Toronto\u2019s plan to raise the (MLTT) in Canada\u2019s largest city. Ipsos Public Affairs conducted a poll for the real estate board that found the majority of respondents opposed an increase to the existing levy. Fifty-four percent of the 801 […]<\/p>\n","protected":false},"author":6,"featured_media":23757,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/9217"}],"collection":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/comments?post=9217"}],"version-history":[{"count":3,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/9217\/revisions"}],"predecessor-version":[{"id":23756,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/9217\/revisions\/23756"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/media\/23757"}],"wp:attachment":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/media?parent=9217"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/categories?post=9217"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/tags?post=9217"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}