Some great news yesterday for Ontario homebuyers and the real estate market in general. This is the message sent to us realtors by our real estate board and the Ontario Real Estate Association.
"It gives me great pleasure today to inform you that this morning, Ted McMeekin, the Minister of Municipal Affairs and Housing, informed the legislature that the government will not give municipalities the ability to charge a municipal land transfer tax (MLTT).
Below is a copy of the Minister's statement:
Our government has a strong record of supporting Ontario's 444 municipalities. We believe it's important to have a good working relationship with our municipal partners to ensure that they are able to provide the services their communities need. This year alone, as a result of the combination of provincial uploads and other supports, Ontario's municipalities are receiving a combined benefit of more than $3.7 billion.
My job as Minister is to be a voice for our municipal partners. And that means listening carefully to our partners and stakeholders. That's why, following every municipal election, the province undertakes a regular review of the Municipal Act. We consulted with a wide range of stakeholders during the Municipal Act review period that ended on October 31.
While we are currently reviewing the feedback from our partners, it is clear is that there has been no call for a Municipal Land Transfer Tax. I was pleased communicate our government's position today, that other than in Toronto, where the power already exists, our government will not be extending Municipal Land Transfer Tax powers to other Ontario municipalities.
In short, the government has listened to our campaign and agreed that the MLTT was the wrong tax for Ontario municipalities. In doing so, you, Ontario REALTORS®, have helped stop one of the largest tax increases on home ownership in a generation. It is one of the biggest government relations wins in our association's history. Congratulations everyone!
This positive outcome could not have been accomplished if it weren't for the hard work of OREA volunteers, staff and our local boards. Every email, meeting, media interview and social media post has made a difference on this issue. It's an example of how important engaged and coordinated government relations is to our industry. I want to personally thank each and everyone of you for all your contributions to our campaign."