TREB has launched anotherobstacle.ca to shed light on proposed changes to the City’s Land Transfer Tax. If you’re not a fan of this tax, take a few minutes to easily use anotherobstacle.ca to trigger an email to your councillor or post on social media.
The City is serious about these changes that would, if enacted:
Add an additional 0.5% of tax on all buyers (For repeat home buyers purchasing an average priced home, this would mean a 7% increase of $750 on top of the $11,000 that they already pay to the City. For first-time buyers, it would mean a 6.5% increase of $475, or, at best, the status quo, if the current rebate is not adjusted higher than what is currently being proposed).
Eliminate the first-time buyer rebate completely for those purchasing a home above a certain threshold, contemplated at $700,000 by City staff. The $700,000 threshold is well BELOW the current average price of a home in Toronto. Under this potential scenario, a first-time home buyer purchasing a home BELOW the current average price would see an unprecedented $3,725 increase, in addition to the $750 increase also being proposed, which would mean a $4,475, or 75%, tax increase for a first-time buyer purchasing a below average-priced home.
If you or your clients disagree with the changes that City Hall is proposing, please help us send a message.
Your voice really can make a difference, and this is a great opportunity to demonstrate the combined lobbying power of REALTORS® and their clients.
Let’s tell City Hall to not add #AnotherObstacle to home ownership by:
• Heading to anotherobstacle.ca to easily send a message to your local city councillor, asking them to reconsider this irresponsible cash grab. In less than a couple of minutes, you’ll be able to select from prescripted text to send a customized message.
• Using #AnotherObstacle on your social media channels or by easily sending a prescripted social media post from anotherobstacle.ca.
• Sharing this message with your clients and customers and asking them to lend their voice to the campaign against the LTT tax hike.
Thank you for helping, your dedication, and fighting for your clients and customers by adding your voice to prevent #AnotherObstacle to home ownership.