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Say No to Toronto Proposed New Home Buying Tax.

March 2007.    Do you agree with a new increase in Toronto home buying tax. The City of Toronto has begun the process to consider charging a second land transfer tax on property sales in Toronto that would amount to a 45% increase to the current land transfer tax.  If you disagree, Say NO to Toronto home buying tax.

A Toronto Land Transfer Tax of .05 percent (in addition to the Provincial Land Transfer Tax) could mean an additional $1,900 in closing costs for the average Toronto homebuyer.  

A recent study by Clayton Research for The Canadian Real Estate Association found that each re-sale housing transaction in Ontario generates about $33,500 in spin-off spending over and above the price of the house.   This means real estate transactions in Toronto are pumping more than $2 billion per year into the local economy.

Ontario already levies such a Land Transfer Tax.  In the average Toronto home sale, the province collects about $4,200 in land transfer taxes.  If the City introduces its own land transfer tax, Toronto homebuyers would be left facing a "double whammy" of exta costs, in addition to the already higher house prices.

If you'd like to voice your opinion email mayor_miller@toronto.ca and feel free to email me a copy so we can ensure every voice is heard.

Posted: Wednesday, March 28, 2007 12:27 AM by Sutton Realty

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