TREB land transfer tax repeal


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TREB land transfer tax repeal

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TREB land transfer tax repeal

  1. 1. NEWS RELEASEPublic Expecting Land Transfer Tax Repeal to Move Forward, Despite Budget ChallengesTORONTO, June 9, 2011 -- Greater Toronto REALTORS®, and the public, continue to look forward to thefulfillment of the election commitment, of Mayor Rob Ford and numerous City Councillors, to repeal theToronto Land Trans fer Tax.“It is clear that the public expects the Mayor and City Council to move forward with the commitment torepeal the Toronto Land Transfer Tax, and it is unlikely that they will forget about this. This is a significanttax: it costs the average Toront o home buyer almost $6,500, and when added to the Provincial LandTrans fer Tax, average Toronto homebuyers face almost $14,000 in land transfer taxes. REALTORS®look forward to working with the Mayor and City Council on a reasonable approach to deliver on thispromise, ” said Toronto Real Estate Board President Bill Johnston.TREB has consistently opposed the Toronto Land Transfer Tax as an unfair tax that hurts Toronto’seconomy. TREB strongly believes that the commitment by Mayor Rob Ford, and numerous CityCouncillors, during and after the election campaign to repeal the Toronto Land Trans fer Tax was, and is,sensible.“Rec ently, the City’s Budget Chief has pointed out the budget ary challenges facing the City.REALTORS® believe that City Council is moving in the right direction by conducting a comprehensivereview of City services; we also strongly believe that the commitment to repeal the Toronto Land Trans ferTax can, and should, move forward, ” said Johnston.A recent public opinion poll conducted by Ipsos Public Affairs found that 75 per cent of Torontonianssupport Toronto Mayor Rob Ford’s commitment to repeal the Toronto Land Trans fer Tax.In light of the City’s Budget Chief’s recent comments, the poll contained interesting results. In particular,even when asked to consider the City’s expected budget short fall, the public’s support for the repeal ofthe Toronto Land Transfer Tax remains very strong, with 68 per cent of Torontonians believing that theMayor should follow-through on this commitment, despite the City’s budget challenges.The poll also found that the public is paying attention to this issue: a large number of Toront onians, 61 percent, were previously aware that Mayor Ford has committed to repeal the Toronto Land Transfer Tax.Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 31,000TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board i s Canada’s largest real estate board. - 30 – For Media Inquiries: Mary Gallagher, Senior Manager Media Relations Toronto Real Estate Board 1400 Don Mills Road Toront o ON M3B 3N1 Office: (416) 443-8158 Get the latest real estate news and Market Watch information including m arket w atch summary video tw /TREB_Official /TorontoRealEstateBoard