Municipal land transfer taxes - just one more obstacle to future home ownership

By
Real Estate Agent with sales representative : Keller Williams Experience Realty

 

Barrie property taxes

Having to find additional ways to generate new revenue streams is where many Ontario municipalities, including our own, find themselves as they attempt to balance the books in 2013. Unfortunatly, homeowners are typically the principle targets turned to for additional revenues when the well runs dry.

The following letter from the assistant director of public relation for the Ontario Real Estate Association outlines how municiple land transfer taxes are being considered as one possible revenue generating action home owners in various Ontario municipalities may face in the near future. Such a tax could further inflate local home prices and set the bar even higher for home buyers.

In light of this I encourage you to give some serious consideration to sending a letter of your own to our MPP as well as the Mayor and Councilor for your Ward if you are a Barrie resident and are at all concerned about the implications such a tax levy would have on present and future Barrie home owners.

 

 

 "Recently Mississauga City Council considered a motion asking the provincial government to amend the Municipal Act, 2001 to give municipalities the ability to levy a municipal land transfer tax. The motion also asked other municipalities across the province to endorse the request.

Thanks to the efforts of the Mississauga Real Estate Board, Toronto Real Estate Board and the Ontario Real Estate Association, Mississauga took the motion off the table and referred the matter to the Large Urban Mayor’s Caucus of Ontario (LUMCO). LUMCO is a group made up of the mayors of Ontario’s 25 largest cities. The caucus’ sole purpose is to lobby the provincial and federal governments on municipal issues.

The Ontario Real Estate Association has learned that LUMCO plans on lobbying provincial political parties in the lead up to the next election. Specifically, they aim to get provincial parties to commit to giving municipalities new revenue powers. Namely, the municipal land transfer tax.

If LUMCO is successful in its bid to impose a second land transfer tax on Ontario homebuyers the consequences would be serious for the provincial housing market."

Matthew Thornton, MA, CAE | Assistant Director, Government Relations



A review of the effects of Toronto's municipal property tax added in 2008.

Benjamin Dachis, a senior policy analyst at C.D. Howe. says "After looking at detailed data on the sales of single-family homes in Toronto and surrounding municipalities, he estimates that the Land Transfer Tax has reduced home resales by about 16 per cent each year since it was instituted in 2008  (click to continue to article)


Posted by

 Mike Montague

  

Barrie Power of Sale Listings

Barrie home values

 

 
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