REALTORS® Raise Concerns Over Potential Proposals to Make First Time Home Buyers Pay More Toronto Home Buying Tax

 

TORONTO, December 11, 2013 -- The Toronto Real Estate Board(TREB) is sounding the alarm over a potential proposal that would see first-time home buyers in Toronto paying more Toronto Home Buying Tax (Land Transfer Tax). TREB is responding to published comments indicating that the City's Budget Committee may consider a proposal to eliminate the Toronto Home Buying Tax on the first $200,000 value of a property, for all home buyers, but to also eliminate the current rebate that relieves first-time home buyers from paying Home Buying Tax on the first $400,000 value of a property. This potential proposal, if implemented, would result in first-time home buyers paying more home buying tax than what they currently pay.

Obaid Qureshy

Obaid Qureshy

Broker
CENTURY 21 Atria Realty Inc., Brokerage*
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