Toronto builders and realtors are waiting to see if Rob Ford keeps one of his key campaign promises when he’s sworn in as mayor – to repeal the Land Transfer Tax within the first year.
But exactly how long it will take remains a hot topic.
Ford told the Toronto Real Estate Board’s annual general meeting earlier this month the decision may have to wait until after next year’s provincial election.
“You have to work with the provincial government to eliminate the land transfer tax and the provincial government will be shut down starting probably in April or May,” he told CityNews after the meeting. “So anything that has to be filtered through the provincial government might be delayed.”
TREB spokesperson Von Palmer said late Thursday night Toronto doesn’t necessarily have to filter it through the provincial government. It can impose the tax – and remove it – without any provincial amendments under the City of Toronto Act. But he confirmed Ford could be planning to ask the province to amend the actual act itself, thereby preventing a future mayor from ever re-introducing the Land Transfer Tax.
Ford could also make the decision to repeal the tax retroactive. “This could be a helpful move especially if there is repeal of the tax to minimize any impact on the market,” Palmer explained, in an email to PropertyWire.ca.
Political observers say Ontario Premier Dalton McGuinty may also be more motivated to help remove the tax after this week’s municipal elections. Voters seemed to endorse change in Ford’s overwhelming victory, and Liberals fear that could spill over into next year’s provincial election.
The longer the decision takes, the more money adds up in city bank accounts. Officials confirmed the Land Transfer Tax brought in $183 million for Toronto in 2009.
The tax adds about $3,725 to the cost of a $400,000 home in Toronto.
What are your feelings about Rob Ford setting his sights on the land transfer tax - was it an empty election promise or will this change be coming before you know it?
Brought to you by "Property Wire"
About Me
- Jackie Goodlet, Broker
- GTA, Ontario, Canada
- A New Sales Record Has Been Achieved By The Jackie Goodlet Team Who Work Out Of The Whitby Office And Specializes In High End Resale And New Home Sales. According To Broker Dave Pearce The Jackie Goodlet Team Wrote More Transactions Than Anyone Else In The 30 Year History Of Our Firm. Their 255 Transactions Had A Total Volume Of More Than $185,000,000 (185 Million). With Over 25 Years Experience In The Business The Jackie Goodlet Team Has Acquired A Wealth Of Knowledge In All Areas Of Real Estate Including Resale, New Builds, Cottages, Lease, Condos, Vacant Land, Investment And Commercial Properties. With Exceptional Negotiating Skills We Are Confident We Can Save You Time And Money On All Your Real Estate Endeavours. We Look Forward To Hearing From You And Your Referrals Are Always Welcome And Rewarded!
No comments:
Post a Comment