Recently, an Ontario MPP proposed a Municipal Land Transfer Tax policy change that would allow ALL Ontario municipalities to charge $1000’s in additional tax on each real estate transaction.
Toronto is the only Ontario municipality with a Municipal Land Transfer Tax today. Using the Toronto tax rate, the average $380,000 Ottawa home purchase would see an 84% Land Transfer Tax increase – from $4,175 to $7,700!
Mid-November, members from your Ottawa Real Estate Board and others from across Ontario converged on Queens Park in Toronto. These real estate representatives presented the MPP’s with the realtor’s assessment of the impact this new tax would have on home buyers, the Ontario economy and in particular first time home buyers.
December 1st, the Ontario Government announced the proposed Municipal Land Transfer Tax changes were withdrawn following “a strong public outcry”.
Representing the home buyer’s interests at Queens Park is just one example of your Realtor, local Real Estate Boards and provincial associations at work. Thank your realtor for being part of an industry that will save you $1,000’s on your next home purchase!