The Toronto Real Estate Board?s lobbying efforts against the mayor?s land transfer tax kicked into high gear this week with a full-page ad in the Star. Just whose interests is the TREB looking out for? Surprise. It?s not property owners.
The claim Toronto?s land transfer tax (an additional 1.5 per cent on the price of an average home) is not fair to homeowners.
The reality Without a land transfer tax, homeowners would see property tax increases of up to 18 per cent (that?s $900 a year on the average home). Which is fairer?
The claim The mayor?s proposal will double the land transfer tax paid by homebuyers.
The reality First-time buyers are exempt from the tax, a key fact mentioned nowhere in the TREB?s ad. The Grits have also promised to extend a rebate of up to $2,000 to the provincial land transfer tax to first-time homebuyers.
The claim The land transfer tax on a $380,000 home will double to $8,400 under the mayor?s proposal.
The reality True enough. But the alternative - massive cuts to core municipal services ? is worse.
The claim If the mayor?s tax is approved, 5 per cent of residents will be paying for 70 per cent of the city?s budget shortfall.
The reality Cash generated by the land transfer tax will cover less than a third of the city?s $1.1 billion shortfall. That?s why T.O. needs new revenue tools. Property taxes just aren?t cutting it. That?s the bottom line.
CONTACT THESE COUNCILLORS
These reps are either wavering or opposed to the proposed city land transfer tax. Tell ?em to get on board.
SUZAN HALL 416-392-0205 firstname.lastname@example.org
RON MOESER 416-392-1373 email@example.com
BRIAN ASHTON 416-392-4052 firstname.lastname@example.org
BILL SAUNDERCOOK 416-392-4072 email@example.com
MARK GRIMES 416-397-9273 firstname.lastname@example.org
MARIA AUGIMERI 416-392-4021 email@example.com
PETER MILCZYN 416-392-4040 firstname.lastname@example.org
ANTHONY PERRUZZA 416-338-5335 email@example.com