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Land transfer hike impact

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Real Estate Professional | 17 Feb 2017, 08:15 AM Agree 0
An increase to Toronto’s land transfer tax not expected to materially impact housing affordability, according to one real estate veteran
  • Bill | 17 Feb 2017, 10:38 AM Agree 0
    I'm confused. Why is an increase in Land Transfer Tax showing up on the Property Tax bill? Or is it the Property Tax that is increasing 3.29%. Toronto is fortunate that the Commercial/Industrial base is carrying the majority of the tax revenue. The residential base in many cities outside Toronto is carrying the load.
  • Cyril Aylward | 20 Feb 2017, 09:44 AM Agree 0
    I think the writer meant Property Tax, not Land Transfer Tax. If so, it will be one heck of an increase. Good Real Estate Market!!!!!!.
  • John | 24 Feb 2017, 02:42 PM Agree 0
    Yeah, I was confused about that too. PTT is a one time cost on the purchase of a property. And on the overall topic of RE in Canada, as a realtor in YVR who's witnessed what has happened here over the last decade, and now the out-of-control price run-up in YYZ, it leads me to believe that if the ON gov't doesn't do something similar to what the BC gov't did (albeit ham-handedly) it is not going to end well. If the country's biggest city has an RE meltdown the tsunami will wash right over the country. That market has to be forcibly cooled, and fast...only my opinion..
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