Toronto Land Transfer Tax Update

City Council chose not to move ahead with cutting the Land Transfer Tax at this time .

Accomplishments Made :  

• Although City Council voted against cutting the Land Transfer Tax, our voice helped to move this issue forward and position it to be a central part of the current municipal election campaign.

• It's also important to note that the current Land Transfer Tax rates were NOT INCREASED. Various City Councillors attempted to increase the budgeted Land Transfer Tax revenue, so, without a vocal push-back, they may have also tried to increase the Land Transfer Tax rates.

• The existing rebate for first-time home buyers was maintained. Various councillors discussed the possibility of eliminating this. Again, our voices helped to prevent that.

• Our voices helped to make the LTT a high-profile part of the City's budget debate and showed strong opposition, which sends a strong message to other GTA municipalities that may be thinking about implementing a municipal land transfer tax.

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Lavinia Serbanescu

Lavinia Serbanescu

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CENTURY 21 Heritage Group Ltd., Brokerage*
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