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.
