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New Buyer's "Home Buying" Tax Will Hit Sellers Too
A proposed land transfer tax, by the City of Toronto, will undermine affordability and property values. 
With the passing of the City of Toronto Act, that gives Toronto more powers to govern the city, many new proposals have been tabled to generate income for the city to cover the costs of services.  One one of these is a land transfer tax of around 0.5% of the purchase price on all properties in Toronto.  This may seem quite reasonable, except that we already pay the Ontario government a land transfer tax on a graduated scale from 0.5% to 2% with the average home being just over 1%.
Affordable housing has been a big issue in Toronto (Ontario, Canada) for a long time and this tax will only make things worse.  The average Toronto home ($380,000 in 2006) will have an extra cost of $1,900 in up front expense that can not be rolled into a mortgage. 
Many people are looking at this tax as a buyer's tax.  They say that it will burden the home buyer with extra costs.  However, the home seller, and the Toronto real estate markets, are likely to get hit even harder by this tax. 
Most first time home buyers are stretching their budget to ... more

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