Toronto Realtors Ask for Land Transfer Tax Break

Toronto’s new land transfer tax imposes an increase in property tax which realtors and home buyers are trying to contest arguing that it is an unfair method of raising City revenues. Future homeowners will be facing a property tax that will increase double the rate of inflation from which home buyers are saying that they deserve a break.

In November and December of 2007, there has been increased activity in the real estate market attributed mainly to the fact that purchases made during this period are exempt from the newly implemented land transfer tax. The Toronto Real Estate Board will be closely monitoring the 2008 market and is looking at the 2008 operating budget of the City which proposes 3.75 percent increase in residential property tax which is almost double the 2007 inflation rate of 1.9 percent.