Boo to Toronto's Mayor Rob Ford!
Mr. Ford's election platform included the promise to repeal the City's Land Transfer Tax, which adds a hefty charge to the closing costs of real estate here in the City of Toronto.
Now the Toronto Real Estate Board is giving the public an opportunity to send a message at www.nohomebuyingtax.com/. Accessing the site will also provide you instant access to a Land Transfer Tax Calculator to show you how much taxes you'd have to pay to purchase a house in your budget.
Read on for our latest press on the subject.
TREB to Fight City Hall
Heather Wright, Real Estate Trade Journalist
Published on Propertywire.ca, a resource for Real Estate and Mortgage Professionals, Sept 21 2011.
TREB is making sure that their message to Toronto City Hall is heard loud and clear by throwing their backs behind the citizens of Toronto to encourage Rob Ford to honour his promise to repeal the Toronto Land Transfer Tax.
"The time has come for City Council to make the tough decisions so that City Hall lives within its means. City Hall can't continue to saddle future generations with insurmountable debt and unfair taxes, like the Toronto Land Transfer Tax. The status quo is not an option," said Richard Silver, President of the Toronto Real Estate Board.
Toronto Realtors have been rallying citizen support through http://www.NoHomeBuyingTax.com and a,re now preparing to send these comments through to City Hall as they prepare to make decisions on budget and the city’s finances.
"The public spoke loudly and clearly when they elected Mayor Ford and City Council with a clear mandate to get the City's finances in order and to repeal the Toronto Land Transfer Tax, but it is important for them to remind City Councillors of this. REALTORS® are giving the public the opportunity to contact City Council through http://www.NoHomeBuyingTax.com Many .Torontonians are contacting City Council to say no to the status quo. The public wants the City to end wasteful spending and they want the Toronto Land Transfer Tax gone. The public does not want to see Councillors' convictions crumble when decision time approaches", said Silver.
There is real direct impact at stake here too, with the bounds of affordability being unreasonably tested, - for the home buying public, the real estate community and the city’s coffers as well, as Steven Fudge, Sales Representative, Bosley R.E. Ltd (http://www.urbaneer.com) told Propertywire.ca: “With the high costs associated with a real estate purchase, including the city of Toronto’s land transfer tax, people are finding it financially prohibitive to move up the property ladder. This greatly impacts the supply and demand dynamics of the housing market. “
“If fewer people are selling and buying, it hinders the natural filtering of our housing stock. Without people upgrading into larger properties to accommodate their expanding households, it provides fewer listings. If there are fewer listings, demand outstrips supply and prices escalate. At a certain point this strains the affordability of real estate for the local population which doesn't serve the city well for its social well-being. And it also impacts its own revenue stream, for fewer sales means less tax can be collected. “
While TREB recognizes the necessity for Toronto City Hall to get their financial house in order to support longer term viability, they don’t believe that this additional tax collection is the way to go.
"REALTORS® have seen the result of the City's past approach to fiscal management first hand. Relying on unfair taxes, like the Toronto Land Transfer Tax, instead of getting the City's finances in order, has hurt home buyers, home owners, and the Toronto economy. We urge City Council to work with the Mayor to bring the City into a better financial position", said Silver.
"Homebuyers want communities with a high quality of life, so REALTORS® understand the importance of municipal services. Prudent fiscal policies from City Council will help to strengthen municipal services and ensure that residents are getting the best value for their dollar. Just as any household has to occasionally review its budget, so, too, does City Council," said Silver.