TORONTO - June 5, 2014 - With the municipal election campaign in full swing, a new poll is showing that a majority of Torontonians support a reduction of the Toronto Home Buying Tax (Toronto Land Transfer Tax), and would be more likely to vote for a Mayoral or Councillor candidate who supports reducing or eliminating this tax. Since 2008, the average Toronto Land Transfer Tax has increased 78%, more than double the increase in the average house price and outpacing inflation.
"The Toronto Home Buying Tax costs the purchaser of an average Toronto home about $8,000, up front on top of a similar amount for the provincial Land Transfer Tax. This is a huge cost that hits people when they can least afford it. It targets people like growing families and retirees when they need to move to accommodate their changing lifestyle. It's no wonder that Toronto voters want municipal election candidates to commit to relief from this tax for home buyers," said Dianne Usher, President of the Toronto Real Estate Board.