TRREB's proposed adjustments to the Municipal Land Transfer Tax aim to increase supply while also providing financial relief for homebuyers. TheReal_TRREB | realestate realestatenews housing Toronto TOpoli
While the board supports Toronto’s “reasonable and fair” property tax increase of 5.5%, it vehemently disagrees with the Municipal Land Transfer Tax and any potential increases to it.
“TRREB continues to disagree with the MLTT in principle, and strongly believes that prudent budgeting means that the City should be relying less on this revenue, not more, to guard against potential volatility in expected revenue,” Baron said. As the tax’s rate structure continues to reflect 2008 housing prices, many first-time buyers are faced with the highest rates, even if their home is well below Toronto’s current average home price.
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