REALTORS® fought strongly against the idea of a Toronto Land Transfer Tax when it was first proposed in 2007. We heard the public's concerns and we stood up for home buyers, who we believe were being unfairly targeted by this tax. TREB's efforts were strongly supported by the public who also spoke out strongly against the Land Transfer Tax. The public spoke loudly then, but they spoke even louder last October when they gave Mayor Ford an overwhelming and clear mandate to repeal this unfair tax.
The City's proposed 2011 Budget is an important step to delivering on the Mayor's Land Transfer Tax mandate. In particular, it begins the process of addressing the City's financial challenges with fair options, including cost-containment measures. Furthermore, it sets the stage for a forthcoming detailed program and service review, which Mayor Ford has announced will begin in March. This is an important process, and one that REALTORS® have been calling for.
For years, Toronto's taxpayers have been bearing the burden of unsustainable City budgets. We believe that the proposed 2011 Budget stops the bleeding, and that by moving forward with Mayor Ford's commitments, including repealing the Land Transfer Tax, next year's budget will allow the City to flourish.
Source: Bill Johnston - President of the Toronto Real Estate Board, a professional association that represents 30,000 REALTORS® in the Greater Toronto Area.
Excerpt From: Toronto Sun
Published: January 21, 2011