TORONTO, June 14, 2013 — With the City of Toronto’s Executive Committee expected to study a City staff report on options for phasing out the Toronto Land Transfer Tax in coming weeks, a new poll is showing strong public support for getting rid of this tax. Torontonians know that the land transfer tax is bad for our Town, and they want Town Council to follow through on commitments to phase it out," said Ann Hannah, President of the Toronto Real estate Board ( TREB ).
"The public continues to feel strongly that the Land Transfer Tax should be scrapped.
The poll was conducted by Ipsos Reid, between May 10, 2013 and May 22, 2013, and revealed that,
Two-thirds ( 65 % ) of Torontonians support plans to eliminate the Toronto Land Transfer Tax ;
Support for getting shot of the land transfer tax with a gradual phase-out approach, as suggested by Mayor Ford, is strong ( 65% ) ;
Ninety percent of current house purchasers think that they received little added value in city services for the Land Transfer Tax that they paid to the City ;
74% of home purchasers in Toronto and the Greater Toronto Area say they are more likely to purchase a home outside of Toronto specifically due to the Toronto Land Transfer Tax ;
65 % of home purchasers who now live in Toronto say they are much more likely to leave Toronto, when they purchase their next home, especially thanks to the Toronto Land Transfer Tax ;
"The Land Transfer Tax has hurt Toronto for long enough. We have been speaking out against this tax for some time and we’ll keep doing so until City Council takes action. We are pleased with our attempts to stand up for the general public and tell them on this issue, and we are going to keep doing this. The public expects action on this unfair tax before the following municipal election," said Von Palmer, Chief Government and Public Affairs Officer for TREB. Howe Institute, discovered that the Toronto Land Transfer Tax is firmly answerable for dampening home sales in Toronto by 16 p.c. This equates to over 5,000 lost housing sales, including condominiums. A separate study, conducted by the Altus Group, determined that each resale housing transaction ends up in over $40,000 in spinoff spending on things like movers, restorations, furniture, and appliances.
"Home ownership is a deserving goal and Town Council shouldn’t be making it harder to attain. City Council can, and should, move forward with a responsible phase-out of the Land Transfer Tax," added Palmer.