NoHomeBuyingTax.Com launched

The Toronto Real Estate Board has launched a web site (www.nohomebuyingtax.com) to help the public calculate what the proposed Toronto land transfer tax will cost them and to encourage the public to let Mayor Miller and Toronto councillors know what they think.

“As Realtors, it’s our job to give information to the public. As soon as we tell them about Toronto’s proposal to charge a second land transfer tax they ask us what it will cost them and what they can do to stop this bad idea. Our new web site shows them the exact cost of the tax and allows them to easily email the Mayor and City Councillors,” said Donald Bentley, President of the Toronto Real Estate Board (TREB).

The www.nohomebuyingtax.com site includes an easy-to-use calculator that tells the user exactly how much land transfer tax they now owe the province and what they will owe the City. In addition, it includes quick facts and easy options for the public to take action.

“Nobody likes taxes, but the public has been adamant that a second land transfer tax is not the right approach to addressing Toronro’s fiscal challenges because it could make the dream of home ownership more difficult to achieve for home buyers, while impacting property values for some current home owners. Generally, the public believes that this tax is unfair, that the City hasn’t justified it, and that the City should first focus on getting its own house in order,” Bentley added.

“Even though this tax will be paid by home buyers, current home owners understand that it could make their properties less marketable compared to homes in other municipalities where there is only one land transfer tax. This could hurt their property’s value, which would impact seniors the most because many of them rely on their property’s value to help with their retirement”, said Bentley.

See www.nohomebuyingtax.com »