Toronto Condo and Real Estate Blog

Thank you to everyone for your overwhelming efforts to help fight the City of Toronto’s land transfer tax proposal. As a direct result of your efforts, City Council voted to defer a decision on this issue until after the provincial election in October.

Toronto Real Estate Agent Efforts Made a Difference

City Council voted 23-22 in favour of deferring the decision. With such a close vote, it is clear that the efforts of Toronto real estate agents and the public made a difference. The Toronto Real Estate Board’s efforts on this issue included creating significant media and public attention, working with City Councillors, and facilitating action through Toronto MLS and a special web site, www.NoHomeBuyingTax.com.

Next Steps

Many City Councillors made it clear that they heard the message delivered by Toronto real estate agents and the public. As a result, deferring a decision on this issue until October provides the opportunity to tell the provincial government and all MPPs that provincial action is needed to help solve Toronto’s fiscal challenges and protect home buyers from any potential second land transfer tax. The Toronto Real Estate Board will be working hard in this regard and will continue to keep Members informed about this issue and how they can help.

Help Make Land Transfer Tax Election Issue - Send Email

Continue to Make Your Voice Heard! Email Provincial Politicians! The fight against the proposed Toronto land transfer tax is not over. As a result of Toronto real estate agent and public pressure, City Council postponed making a decision on this proposal, but it will come forward again in October. With a provincial election scheduled for October 10, now is the time to make this a provincial election issue. Provincial politicians need to hear that a 100% increase in land transfer taxes is not the right solution to the City’s financial challenges and that provincial action is needed and expected.

How to Take Action

A second land transfer tax is an unfair way to solve Toronto’s financial challenges. Take action below to let Provincial politicians know that you expect a provincial commitment to help address Toronto’s challenges.

Encourage your clients, friends, family and colleagues to email the Premier, Provincial Party Leaders, the Mayor and other key provincial and municipal politicians. It is very important that the municipal and provincial politicians noted above hear from Toronto real estate agents and the general public.

Click here to send an email to the Premier, Provincial Party Leaders, and the Mayor (with a copy sent to other key provincial politicians, all Toronto Councillors and the Toronto Real Estate Board). Tell them that you are looking for provincial leadership and commitment on this issue before the provincial election on October 10, 2007.

(By clicking on the link above, an email will be opened with all of the noted individual’s email addresses already added. You just have to add your opinions and send the email)

The Toronto Real Estate Board’s Key Messages

For background on the proposed Toronto land transfer tax you can view The Toronto Real Estate Board’s detailed submission and visit www.NoHomeBuyingTax.com. Some of The Toronto Real Estate Board’s key messages are provided below:

* A second land transfer tax, on top of the existing provincial land transfer tax, is an unfair way to solve the City of Toronto’s financial challenges.

* Provincial action is a key part of the solution to Toronto’s financial challenges. The provincial government must adequately support Toronto. Expecting the City to, instead, penalize homebuyers with a 100% increase to land transfer taxes is not fair.

* The City of Toronto must ensure that its house is in order and all creative solutions have been considered.

* A Toronto land transfer tax will hurt Toronto’s economy, which will have serious implications for the provincial economy.

* By making it more expensive to live in Toronto, a Toronto land transfer tax would contradict the provincial government’s plans to prevent urban sprawl.

* A Toronto land transfer tax hurts those who can least afford it, such as first-time buyers and seniors.

* When impacts on mortgage interest and insurance are considered, a Toronto land transfer tax could ultimately cost over $15,000 for the average buyer.

* No other Canadian jurisdiction has two land transfer taxes.

* With the proposed Toronto land transfer tax, Toronto would have the highest land transfer taxes in Canada and the second highest in North America.

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Contact the Jeffrey Team for more information

Toronto’s real estate agents are encouraged that City Council has decided not to rush into a decision to double land transfer taxes, but are continuing to tell the Mayor and City Councillors that it is a bad idea that should stop now.

“We are glad that City Council is slowing this process down. We hope that City Council will take this opportunity for sober second thought and realize that this misguided idea should end here,” said Donald Bentley, President of the Toronto Real Estate Board

Toronto City Council was set to vote on a proposal to impose a municipal land transfer tax on top of the existing provincial land transfer tax, which would have been a 100% increase if approved. After strong opposition from Toronto real estate agents and the public, City Council decided to defer a decision on this proposal.

“Toronto real estate agents have been working hard to protect the interests of both home buyers and owners. We are aware of literally thousands of people who contacted the Mayor and City Councillors through our web site www.NoHomeBuyingTax.com to tell them to shelve this idea,” added Bentley. “By slowing this down, City Council has taken a step in the right direction, but Toronto real estate agents have been clear about a Toronto land transfer tax: not now, not ever.”

A poll conducted by the Environics Research Group, commissioned in part by the Toronto Real Estate Board, showed that 69% of people wanted a decision on these taxes to be put off. The poll also showed that 72% of people don’t believe that new taxes will solve the City’s fiscal challenges and 53% don’t believe that the new taxes will help to improve services.

The Toronto Real Estate Board has consistently told the City that a Toronto land transfer tax, on top of the existing provincial land transfer tax, is unfair. “A second land transfer tax is a very unfair way for Councillors to address the City’s financial challenges. It forces a relatively small group, home buyers, to pay for services for everyone. That, simply, is unfair,” said Bentley.

The Toronto Real Estate Board is calling on the City to pursue creative solutions to its financial challenges instead, including a more fair deal with senior levels of government. The Toronto Real Estate Board has consistently supported City efforts in this regard and plans to continue to do so.

“The Toronto Real Estate Board understands the City’s financial challenges, which is why we have supported the City in its efforts to achieve a more fair deal with senior levels of government. By slowing this process down, City Council can refocus its efforts on that priority, instead of looking to Toronto taxpayers,” added Bentley. “With a provincial election looming, the Toronto Real Estate Board intends to speak loudly and strongly for action in this regard.”

The Toronto Real Estate Board intends to continue opposing the implementation of a second land transfer tax in Toronto.

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Contact the Jeffrey Team for more information

With a number of premier Toronto condo communities under construction or nearing completion in North Toronto, King West and Harbourfront West, and with new projects already in advanced planning stages, Plazacorp continues to shape the Toronto skyline.

In the coming months, you will continue to receive emails from us about our current projects, be advised when brand new completed projects have immediate occupancy suites available, and be among the first to hear about new Plazacorp condos in Toronto early next year.

West Harbour City Phase 1 and 2 - Bathurst and Fleet Street

The 1st construction crane has been erected for Phase 1 of West Harbour City and is now pouring the very deepest levels of underground concrete foundations (known in construction language as the concrete footings) for the tower building, far below even the lowest level of parking. Building the foundations is an important and somewhat time-consuming process, so don’t expect to see anything visible above ground for some months. This first crane is just one of the 4 giant cranes scheduled to be erected on site during the construction of Phases 1 & 2, which will be built in tandem. As you probably know, the sales office is closed now to permit demolition of the balance of the original Molson Brewery building and make way for construction of Phase 2, part of which occupies the lands where the old Brewery building was originally built.

As you may have seen, Phase 2 pre-construction demolition work is moving along as swiftly as possible, with about 50% of the sales centre building demolition complete. This demolition work is being carried out in an environmentally sensitive manner, to permit as much of the old building to be recycled as steel ingots and crusher aggregate for roadbeds and other new construction uses, so that as little as possible ends up as refuse and landfill. Once this demolition is complete, shoring and excavation for this second phase of West Harbour City will begin.

900 Mt. Pleasant - Mt. Pleasant north of Eglinton

Concrete forming is close to 70% complete at this 19 story upscale mid-town Toronto condo. Structural forming & construction has now been completed for the 6 storey podium building facing Mt. Pleasant and for the Townhomes at Mt. Pleasant and Erskine which in turn has allowed 2 of the 3 cranes on site to be removed. If you drive by the site now, you’ll notice that the bricklayers have begun the brickwork on both the podium building and the Townhomes. It’s safe to safe that we are comfortably on schedule and on track to close in the exterior of the structure prior to the onset of cold weather. That means that the exterior walls (i.e. bricks and windows) should be completed by late fall, permitting all of the interior construction work to begin.

Wellington on the Park - 15 Stafford Street in King West

Wellington on the Park is virtually complete and is presently being occupied; even the Penthouse levels are ready for occupancy almost immediately. The registration of Wellington on the Park’s condo corporation is in process and completion is imminent. The laneway to the east of the building between the fenced outdoor patio areas and Stanley Park is in the process of being completely rebuilt as a landscaped promenade, which will visually integrate Wellington on the Park’s patios, the landscaped promenade and Stanley Park into one beautiful and visually continuous landscaped vista. The remaining few suites at Wellington on the Park will be released for sale this summer, likely within a very few weeks.

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Contact the Jeffrey Team for more information