The Land Transfer Tax for buyers who are newly introduced to the markets which might have contributed to an extra $4,475 for the amount of purchasing a home will no longer be increased by the City of Toronto.
President of the Toronto Real Estate Board, Larry Cerqua said; “The City’s Budget Committee has done the right thing by taking proposals to hike the land transfer tax on first-time buyers off the table. We believe that Mayor Tory understands the importance of keeping Toronto affordable for everyone, especially first-time buyers, and we applaud his leadership in this regard.” Nonetheless, the council has plans to cause the LTT to be increased by $750, a decision which TREB does not agree with.
Chief Communications and Government Affairs Officer for TREB, Von Palmer said; “City Hall’s take from this tax has increased by 200 per cent since 2008, from $3,725 to over $11,000 on an average priced property. Hasn’t City Hall already taken enough from home buyers?”
Although there have been arguments on the increase for first-time buyers, TREB calls upon city councillors to think about increasing threshold for the reimbursement which qualified first-time buyers would be entitled to.