No Municipal Land Transfer Tax

In Toronto, the only municipality to be given that extra taxing power by the provincial government, home buyers pay about $20,000 in combined municipal and provincial land transfer tax on a $700,000 property.

“We are now reviewing that feedback and can tell you there has been no call, at all, for a municipal land transfer tax, nor is there any legislation before the house that would allow this, nor has it been our intent, based on our extensive consultation, to introduce legislation to put in place a municipal land transfer tax”, McMeekin told Ontario’s legislature Tuesday.

OREA led a five‐week campaign called “Don’t Tax My Dream” (www.donttaxmydream.ca) that saw Realtors and 32,000 members of the public voice their opposition to the spread of the Municipal Land Transfer Tax province‐wide.

Bruce Shipley, president of the Barrie and District Association of Realtors Inc.is glad the province scrapped the municipal land transfer tax idea. “I applaud the Minister and the government for doing the right thing in defending the interests of Ontarians”.

“My colleague, Steve Clark, was all set to debate a motion on Thursday opposing the expansion of the Land Transfer Tax when the government announced it was killing it. This was a real grassroots effort by people around the province”. “The municipal LTT would price many low and middle income Ontarians out of the real estate market entirely”.

McMeekin accused the Tories of using scare tactics to warn people that a land transfer tax would hurt home sales, and said he wanted to make it clear that the province was not imposing such a plan.

After weeks of dithering, the Ontario government has ruled against expanding the municipal land transfer tax beyond Toronto’s borders.

“That’s a potential significant source of revenue”, he said.

“It’s a huge victory for home buyers in Ontario”, said Todd Smith, Prince Edward-Hastings MPP.

Bradley says they continue to fight for fairness in taxation.