Starting in 2008, when you sell a home in Toronto, you’ll pay an additional 0.5% to 2% of it’s value to the city of Toronto.
Hated by many, the measure squeaked by city council during this evening’s vote.
Here’s the kicker. The new tax was supposed to be instead of property tax increases. Now, the Globe & Mail is reporting that property tax hikes are expected next year regardless.
It’s a sad commentary on Toronto’s fiscal management, and Ontario’s strategy to offload expenses on municipalities.
In any case, there’s sure to be one interesting side effect. December might be a good month for Toronto Realtors. It’s the last month that Torontonians will be able to buy before the new tax takes effect. Toronto mortgage planners could see a similar increase in business.
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