Thank You for Toronto Land Transfer Tax Efforts
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
