MUNICIPAL LAND TRANSFER TAX UPDATE - HOW REALTORS® ARE WORKING FOR YOU!

 

After very heavy lobbying by the ONTARIO REAL ESTATE ASSOCIATION, it was announced recently the plan will not move forward at this time.  The government ruled against expanding the Municipal Land Transfer Tax beyond Toronto's borders--For Now at least!

This tax has already been implemented in Toronto allowing the City of Toronto a unique power to collect an additional tax and Queen's Park was considering allowing Ontario's other 443 municipalities to collect the additional tax as well.

OREA  and Realtors across the province argued that extending the municipal Land Transfer Tax to other municiaplities in Ontario would hurt the market by adding thousands of dollars to the costs of residential transactions.  It could have possibly put many of the lower and middle income Ontarians out of the Real Estate Market entirely.  

See more information at  http://www.fin.gov.on.ca/en/tax/ltt/