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How Municipal Land Transfer Taxes Can Affect You

The provincial government is set to give municipalities the right to levy new municipal land transfer taxes in their own jurisdictions- potentially doubling the tax currently paid when a property is purchased.

calculators.jpgWhen affordability is the factor being questioned for many, another new tax may be the tipping point. If introduced province-wide, the effect could be dramatic: the tax on a home purchased for $400,000, for example, will jump from $4,475 to $8,950. This would put GTA homeowners in the ranks for having the highest land transfer tax in North America. In the hot Greater Toronto Area market, a new tax threatens the booming sales in suburban areas, which in part, is due to the economic advantage over the city because of the levy. 

OREA has included a feature on their website called Don't Tax My Dream. The link to the petition:  http://www.donttaxmydream.ca/

If you want more information on the current market and new municipal land transfer taxes, contact the Mary Roy Team, we are happy to help. Contact us today to help you make your real estate goals attainable!

 

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Buyer ServicesBUYER SERVICES

Have you ever spent countless hours search through the MLS system seeing the same homes over and over again looking for the perfect home, hoping to find something new?   Then, when you do find what could be your dream home, you call the listing agent only to find out it has already sold?

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Mary Roy & Team have been selling homes in the Durham Region since 1987!  Ranked in the top 1% of Realtors across the GTA and Durham Region, we know what it takes to get homes sold fast, and for the most money.We provide each of our clients with a comprehensive plan of action outlining exactly what will be done to get their home SOLD and for the MOST MONEY! We will provide you with up-to-date information on your marketplace, as well as the price and details of competing properties.