The Figures are in-Mayor of Toronto Makes Big Mistake with Toronto 2008 New Land Tranfer Tax

By
Real Estate Agent with Forest Hill Real Estate Inc, Brokerage

The figures are in for Home Sales in The GTA and Toronto 2008. Unit sales are dramatically down from 2007. People who could have afforded to buy homes before the 2008 New Land Transfer Tax was imposed could not come up with those extra thousands. David Miller and his City Councillors have had a huge backlash from the purchaser. City Hall counts on revenue from Land Transfer Tax. Now it does not have any of the money that they would have had on home purchases before the new tax. It has been a lose, lose situation for all. People did not get into the housing market and Toronto Government is going to come up short on tax revenue.

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Greater Toronto area(416 & 905)

2,500 Sales in December 2008,                 74,000 Total in 2008
4,646 Sales in December 2008                  93,193 Total in 2007

For all of 2008 the average was $410,271. In 2007 the comparable figure was $412,48, and in 2006 $378,776.

For The City of Toronto only (416)

1,105 sales in December 2008,                 2,302 in December 2007
29,878 Total sales for all of 2008            39,052 Total sales for all of 2007

The average price in the city was $387,482 compared to the $425,842 recorded in
December of 2007.

Let your councillor know that this was a huge mistake.

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Diane Plant

Broker, TorontoHomeSearch: Forest Hill Real Estate
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