March 2, 2012 – Toronto’s REALTORS® are calling on Toronto City Council to find fair ways to fund improvements to Toronto’s public transit system, and not rely on the Toronto Land Transfer Tax. REALTORS® are responding to recently reported City Councillor statements that indicated that the Toronto Land Transfer Tax should be used to fund transit projects.
“Mayor Ford, and numerous City Councillors, campaigned on a commitment to repeal the Toronto Land Transfer Tax, and Torontonians are expecting that promise to be fulfilled. The Land Transfer Tax unfairly targets home buyers, and it must be scrapped,” said Richard Silver, President of the Toronto Real Estate Board (TREB).
A recent poll conducted by Ipsos Reid found that 65 per cent of Torontonians support Mayor Ford’s commitment to repeal the Toronto Land Transfer Tax.
“REALTORS® understand the importance of an efficient transit system for the City of Toronto. In this regard, we hope City Council will move forward to improve the City’s transit system. However, it should not be done with an unfair tax that targets home buyers,” said Silver. “We expect that new transit lines will encourage new development, so home buyers will already be doing their part by helping to grow the City’s property tax assessment base revenue. They shouldn’t be hit a second time with the Land Transfer Tax. City Council should be focusing on ways to make home ownership more affordable, not less affordable. Fulfilling the commitment to repeal the Toronto Land Transfer Tax would move in the right direction.”