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.
When 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.
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!
