If Toronto wants cheaper homes, get council out of the way
Toronto should be encouraging more and better housing in the city and reducing land transfer taxes
By Canadian Taxpayers Federation -- Christine Van Geyn, CTF Ontario Director—— Bio and Archives--April 17, 2019
Canadian News, Opinion | Comments | Back To Full Article
Families at every income level are finding it hard to pay for a home in Toronto and instead of helping, Toronto city councillors are making it harder by looking for ways to squeeze out new taxes.
City councillors Ana Bailao, Brad Bradford, and Joe Cressey announced they're considering a new land transfer tax bracket for house sales over $3 million. The municipal tax currently tops out at 2.5 percent on homes over $2 million. This municipal tax is, of course, in addition to the provincial 2.5 per cent land transfer tax.
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