National Post Dec 15, 2011
“You’re going to see a portion of the land transfer tax, I don’t know how much right now, be gone by the end of next year.” — Mayor Rob Ford, speaking to Stephen LeDrew on CP24.
His pledge was quickly applauded by the Toronto Real Estate Board, which issued a press release.
“Torontonians understand that the Land Transfer Tax is not part of the solution to the City’s financial challenges; it is part of the problem. It unfairly forces home buyers and business owners to pay more than their fair share, costing the average Toronto home buyer more than $6,000 every time they move; it is an unpredictable revenue stream that goes up and down with the real estate market; and it makes the City less competitive than other GTA municipalities,” said Richard Silver, president of TREB.
A Ford critic on council has another view.
“We can afford to cut the land transfer tax, if we impose a whopping property tax increase or put in service cuts that make this year look like a Sunday school picnic. I don’t think the Mayor could get ten votes on council to do this, let alone the 23 he needs,” said Councillor Gord Perks.
The land transfer tax raised $274-million last year.
Team Khan
Asif Khan & Associates
RE/MAX All-Stars Realty Inc.
549 Bur Oak Avenue
905-888-6222
Posted via email from Markham Real Estate Today with Asif Khan
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