REALTORS are calling on the City of Mississauga to shelve its current consideration of a municipal land transfer tax

TORONTO, December 4, 2012 Given new polling results that show powerful opposition, especially among Mississauga and other “905” area residents, to city land transfer taxes, REALTORS are calling on the City of Mississauga to shelve its current consideration of a municipal land transfer tax. This sort of tax creates more problems than it clears up.” claimed Ann Hannah, President of the Toronto Real Estate Board, which represents 35,000 REALTORS across the Greater Toronto Area, including more than Five thousand in Mississauga.

“This poll shows the public understands that land transfer taxes are the wrong way for municipalities to clear up their money challenges.

The poll was conducted by Ipsos Reid in November 2012 and found :
77 per cent of Mississauga residents, and 83 p.c of all 905 residents combined, are opposed to the imposition of a civic land transfer, in their cityity, to offset city deficits or to put toward increased spending on substructure and other town programs ;
89 % of all 905 area residents planning to buy a home in the next two years are more likely to purchase outside Toronto specifically to not pay the Toronto Land Transfer Tax.

If levied at the same rate as the Province and the Town of Toronto, a Mississauga Land Transfer Tax would cost the purchaser of a typical Mississauga detached home about $10,000, owing up front. It is not fair to expect people like down-sizing seniors, or young growing families who want more space, to pay so very much more than their fair share.

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