Last week, we had a look at the question of the Toronto Land Transfer Tax. It is a tax which exists only in Toronto and not in any of the other cities in Ontario. In order to properly consider this tax, we also have to look at the property tax issue generally. Toronto Property Taxes Across the board, based on a value perspective, that is, a $500,000 property in Toronto compared to a $500,000 property outside of Toronto, there is a substantial differential. The differential generally seems to be in the range of about 30% to 40%. The surrounding municipalities charge ...
Toronto's Taxes ~ Too High or not High Enough?
December 3, 2012
Toronto Real Estate Board's Survey about Toronto Land Transfer Taxes
November 30, 2012
The Toronto Real Estate Board (TREB) is opposed to the Toronto Land Transfer Tax. It commissioned a survey by Ipsos Reid about the tax. Here’s a copy of the new release: www.torontorealestateboard.com/market_news/release_market_updates/news2012/nr_gr_LTT_0612.htm Synopsis This is the summary of the key points: • 77 percent of Torontonians who recently purchased a home in Toronto feel that they received little or no added value in City services for the amount of Land Transfer Tax paid to the City; • A third of first-time buyers indicated that they had to pay some Land Transfer Tax to the City, notwithstanding City rebates; • ...
Toronto Taxes and the Toronto Real Estate Board
November 30, 2012
As you might reasonably expect the Toronto Real Estate Board (TREB) has voiced its opposition to the Toronto Land Transfer Tax. This tax has now been in force since January 2008, and by January 2013, that will be 5 full years. So, the economic impact should be well known by now. TREB has initiated a campaign known as “Let's get this Right Toronto"and you can locate this campaign at its website: www.letsgetthisrighttoronto.ca The C. D. Howe Institute issued a report which analyzed the economic impact of the tax, drew certain conclusions and made recommendations. You may read that report ...