toronto: New Buyer's "Home Buying" Tax Will Hit Sellers Too
- 03/25/07 12:42 AM
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 … (1 comments)
A proposed land transfer tax, by the City of Toronto, will undermine affordability and property values. 
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