Toronto seems intent on passing a land transfer tax of up to 2% by mid-July, much to the fury of its residents. That would give Toronto the highest rate in Canada, and 2nd highest in North America.
The tax equates to $4244 on the typical $380,000 Toronto home.
The tax will start in January if passed. If so, expect a lot of Toronto home closings in the last week of December.
The Real Property Association of Canada issued a press release with eight reasons why the tax is ill advised. Bob Finnigan, from the Building Industry and Land Development Association, implied that the measure is a simple “cash grab.” Toronto Star Story
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