Wynne plans to give all municipalities the right to double the amount of land transfer tax you'll pay on your next real estate deal.
Toronto Sun article
BY CHRISTINA BLIZZARD, QUEEN'S PARK COLUMNIST
TORONTO - Home buyers beware.
You're about to pay thousands of dollars more for that dream home.
The province is set to give all municipalities the right to double the amount of land transfer tax you'll pay on your next real estate deal
Industry insiders say they've been told the government will amend the Municipal Act to allow all municipalities to set their own municipal land transfer tax (MLTT).
Right now, only the City of Toronto is allowed to levy its own MLTT. It doubles the tax paid by buyers in all residential real estate deals.
"This is an unfair, unsustainable and unpredictable tax," Patricia Verge, president of the Ontario Real Estate Association (OREA), told me Monday.
Comments regarding the proposed tax grab are available on October's Toronto Real Estate Market Watch video