No Ontario communities outside Toronto to have land transfer tax
The 444 municipalities across Ontario will not be given the same power as the city of Toronto to impose a land transfer tax.
In Ontario there are 444 municipalities, the city of Toronto is the only one to impose this land transfer tax.
Municipal Affairs Minister Ted McMeekin says local governments are looking for new revenue tools, but found there was no call for extending it to other municipalities beyond Toronto.
Needless to say the Progressive Conservatives were quite happy with McMeekin's announcement during question period.
Deputy PC leader Steve Clark had campaigned against towns having the ability to initiate this land transfer tax, which would have added an additional $10,000.00 to home buyers.
The Ottawa Real Estate Association has also warned the province that this would have had a negative impact on the economy affecting the real-estate market and would lead to a sharp drop in sales.
Click here to read the full article from The Globe and Mail.