Not practical to repeal land transfer tax, Toronto mayoral contenders say

Mayor John Tory and his rival in the Oct. 22 civic election Jennifer Keesmaat went to the Toronto Real Estate Board on Wednesday to tout their awareness and solutions to the city’s housing affordability crisis.

But in back to back speeches, neither gave the 400 realtors in attendance what they really wanted to hear, which was a promise to repeal the Toronto’s land transfer tax that adds about $15,000 onto an average Toronto home purchase.

Last year, the tax contributed about $640 million to the city’s operating budget.

Realtors are especially opposed to the tax because they say it discourages consumers from moving. Tory, who vowed to keep property taxes at or below the rate of inflation, said he would love to talk about repealing the land transfer tax but it simply isn’t practical.

Read the rest of the article at the Toronto Star

The TORONTO REAL ESTATE BOARD is a not-for-profit corporation founded in 1920 by a small group of real estate practitioners.  TREB is the collective voice for both its commercial and residential REALTOR® Members and operates under the direction of an elected voluntary Board of 16 Directors.

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