Don’t Tax My Dream, a new campaign from OREA, raises awareness to the provincial government’s interest in introducing a Municipal Land Transfer Tax to all municipalities, on top of the existing Provincial Land Transfer Tax.
Here are the facts:
- 90% of Ontarians believe home ownership is part of the Canadian dream
- For the average home in Ontario (priced $445,000), the MLTT would be raised to $4,625
- 77% of Ontarians say this would limit their ability to afford a home
- 3 of 4 say introducing the MLTT would delay their decision to buy a home
It’s no surprise that REALTORS are adverse to the new MLTT as it challenges their clients ability to afford a home. Von Palmer, spokesman from the Toronto Real Estate Board refers to this as a “tax grab” and says that “It gets [homebuyers] at a time when they can least afford it.”
The MLTT has been in affect in Toronto since 2007 and has generated over 300 million annually. Former Toronto mayor Rob Ford stated “Many councillors love this tax. They want to keep it and keep spending the millions of dollars it brings in.”
What are your thoughts on the Municipal Land Transfer Tax? How will it affect your business?