TREB lately released the result of public opinion polling, conducted by Ipsos Reid, which found : .
Almost 7 in 10 Torontonians, 68 percent, support plans to get rid of the Toronto Land Transfer Tax.
72 per cent oppose city land transfer taxes even if this tax was dedicated for spending on transit and infrastructure. This is up from 65 percent one year back.
"For the purchaser of an average detached home in Toronto, the municipal land transfer tax costs in the region of $10,000.
76 % of Torontonians who lately paid the LTT think that they have received no added worth in municipal services for the quantity of LTT that they paid. It’s very unfair to expect people like down-sizing seniors, or young growing families who require more space, to pay so very much more than their fair share," said Ms. Hannah. The C.D. Howe Institute recently released an appraisal of the Toronto Land Transfer Tax, which shows this tax has hurt Toronto’s economy by dampening home sales by Sixteen per cent. In addition, the Ipsos Reid poll revealed that 25 percent of the people who lately got a home in Toronto would have spent their land transfer tax money on furniture or appliances, if they’d not had to give it to the City, and 21 % would have spent it on restorations.
"Housing sales create roles because when people move they spend money on things like renovations, movers, appliances, and furnishings. Hannah.