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Is the Toronto Land Transfer Tax Scaring Off Buyers?

toronto land transfer taxA recent poll conducted by Ipsos Reid found that 75% of Torontonians and the residents of 905 regions who are expecting to move in the next two years are more likely to move outside of Toronto specifically because of the Toronto Land Transfer Tax.

In addition, 66% of Toronto residents support plans to revoke the tax.   Another ward-by-ward poll conducted by Ekos Research found that 86% of the city wards (38 of 44) want to see the Toronto LLT repealed.

With the new mortgage lending rules tighting, specifically the recent reduction in the amortization period from 30 to 25 years, every dollar counts for buyers.

On June 4th, 2012 the Toronto Real Estate Board launched a campaign aimed at repealing the Toronto Land Transfer Tax, the municipal tax that people purchasing homes in Toronto must pay in addition to the provincial portion of the tax (approximatley 1% of a purchase price).  The board encourages the public to view their opinions by visiting www.LetsGetThisRightToronto.ca.

To calculate Land Transfer Tax visit
http://www.suttonrealty.com/Land_Transfer_Tax/page_1951102.html


Neighbourhoods in Mississauga close to the Etobicoke border have experienced a healthy increase in house prices in the last year, specifically the Mineola area.  The extra five minute drive from Etobicoke can save a buyer thousands in the Toronto Land Transfer Tax.

www.SearchTorontoHomes.com  and  www.SearchMississaugaHomes.com

Sutton Real Estate Office 416-896-3333



 

Posted: Thursday, June 21, 2012 10:19 PM by Sutton Realty

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