Ask Clients to Fight 100% Land Transfer Tax Increase
Stop Toronto Land Transfer Tax: Your Help is Crucial
June 2007 -- Your help is needed! The City of Toronto wants to charge a second land transfer tax that would NOW double the current provincial land transfer tax. This could impact real estate markets, YOUR business, and YOUR CLIENTS. The proposal is moving forward quickly so it is critical that City Council hear from REALTORS® NOW. City Council will vote on this in mid-July.
Options to Help Fight Toronto Land Transfer Tax
1. Encourage your clients, friends, family and colleagues to email the Mayor and City Councillors with their opinions. It is VERY important that the Mayor and City Councillors hear from REALTORS® AND the general public. As a REALTOR®, you likely have many contacts that will be impacted by this tax who may appreciate being informed.CLICK HERE and an email that you can send to your contacts will be opened with a message that will include a link to make it easy for them to email the Mayor and City Council (You only have to add your contacts' email addresses). Alternatively, you can click here for a flyer that you can print to hand out or download to email.
2. TREB is asking you to once again send an email voicing your concern about this proposal to the Mayor and all City Councillors by CLICKING HERE (even if you previously sent an email)
• (An email with the Mayor’s and all City Councillors’ email addresses already added will be opened. You just have to add your opinions and send the email). Once you have sent your email to Toronto City Council, see below for information on other ways you can help.
3. Send an email to your MPP:Click here to go to OREA’s special web site that will look-up your MPP and supply you with an already drafted letter to email telling them to take action.
• OREA is assisting TREB’s efforts on this issue by asking all Ontario REALTORS® to send an email to their provincial politicians. The provincial government has the power to intervene on this issue and prevent the City of Toronto from imposing this tax.
4. Attend the Toronto City Council meeting in July:
City Council is scheduled to vote on this proposal at their meeting scheduled for July 16, 2007. Anyone from the public is allowed to attend this meeting to OBSERVE (As previously noted by TREB, public deputations were heard by the City's Executive Committee on June 25th, 2007). It is important that the public gallery be full with people concerned about this proposal because this helps to send a strong message to City Councillors and the media that the public does not want this tax. TREB encourages you to attend this meeting and to inform your clients about it.
Meeting Details:
Location: Toronto City Hall, 100 Queen Street West, Council Chamber
Date/Time: July 16, 2007, 9:30 a.m. - Please note that this is the start date of the City Council meeting, but these meetings often run for multiple days and it is not yet known at what point the land transfer tax item will be debated. TREB will provide more detailed information once it becomes available.
More Information
Under the City’s proposal, Toronto homebuyers would have to pay a second land transfer tax at rates identical to those currently charged by the Province, as follows:
0.5% up to $55,000 1.0% for value between $55,000 and $250,000 1.5% for value between $250,000 and $400,000 2.0% for value above $400,000
TREB has been fighting against this proposal.
06/26/07
Note to users: Although TREB endeavours to ensure the accuracy and timeliness of information, it is not guaranteed. TREB accepts no responsibility for any loss arising from any use or reliance on the information contained herein.
It is too bad the politicians just don't understand. This will not only hurt the residential community, but also Toronto's commercial investment market and property values. This will definitely push away very active foreign investors and make them focus on the suburbs. Mayor Miller, you made a huge mistake.
Scott Watson
Associate Vice President of Office Leasing - Colliers
Great blog. We are finding a lot of Europeans (and Canadians) buying in our area. Since your market was not hurt by the mortgage meltdown that ours was your prices have stayed higher but we have some great bargains.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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Unfortunately the battle was lost:
City of Toronto: New Taxation Measures