13 June 2011
The recent Ipsos Public Affairs poll shows that 75% of Torontonians plan to hold Ford to his word. When the respondents were asked to take the budget shortfall into consideration, 68% of them still didn’t change their minds.
It should be noted that the City’s land transfer tax directly affects first and second time buyers, causing the market activity decline. Actually, many homeowners choose not to sell the property because of the enormous tax bills. In other words, on a $750,000 purchase the provincial and city land transfer tax cost totals $22,200. In case the City of Toronto LTT is eliminated, there may appear more houses at the market.
Here you can calculate your Land Transfer Tax depending on the purchase cost and see the great difference between the City of Toronto and the rest of Ontario.