President’s Toronto SUN Column: Working To Repeal The Land Transfer Tax
Posted by: Toronto Real Estate Admin / Category: Toronto RealtorTREB President’s Column as it appears every Friday in the Toronto Sun’s Resale Homes and Condos section.
June 15, 2012 — A new and concerning public opinion poll shows a significant number of Toronto residents planning to leave the City when they move.
This concerns us, and it is why we launched a new website www.LetsGetThisRightToronto.ca, to help Torontonians understand the issue and to tell City Council that they want the Toronto Land Transfer Tax repealed, so that Toronto can reach its full potential as a world class City.
Most of us agree that Toronto’s greatest strength is the people who choose to make this City their home. We can’t make Toronto a world class City by pushing people away, but that’s exactly what the Toronto Land Transfer Tax is doing. Together, we can build a great city, but we need to get this right.
As I mentioned, a recent poll conducted by Ipsos Reid, found that 25 percent of Torontonians expecting to move in the next two years are planning to leave Toronto for the 905 regions. In contrast, only three percent of 905 residents expecting to move in the next two years are planning to come to Toronto.
Looking at the cause of this trend, the poll also found important links to the Toronto Land Transfer Tax, with 75% of people in Toronto and the 905 regions who are expecting to move in the next two years saying that they are more likely to move outside of Toronto specifically because of the Toronto Land Transfer Tax. Among the other findings of the poll were:
- 66% of Torontonians support plans to repeal the Toronto Land Transfer Tax;
- 77% of Torontonians who recently purchased a home in Toronto feel that they received little or no added value in City services for the amount of Land Transfer Tax paid;
- A third of first-time buyers indicated that they had to pay some Land Transfer Tax to the City, notwithstanding City rebates.
The Toronto Land Transfer Tax is no way to build a great City. It creates inequality among our residents; it perpetuates irresponsible City budgeting; it threatens jobs; it makes our City less affordable; it makes City Hall less accountable; it hurts our environment; and it makes our roads even busier.
We are committed and willing to do what it takes to ensure that City Council hears the public’s voice on this issue.
The website www.LetsGetThisRightToronto.ca gives the public numerous ways to have their say. The web site allows the public to easily send in their views directly to their City Councillor, become more informed on this issue, and encourage others to speak out also.
We launched this campaign for one simple reason: we want Toronto to succeed.
Putting our voices together, we can build a great City and it’s important, for all of us, that we get this right. We understand the importance of quality services to building a great city, but we believe that those services should be funded fairly and reliably.
So I encourage you to check out the website www.LetsGetThisRightToronto.ca, become more informed and have your say!
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Article source: http://www.torontorealestateboard.com/market_news/president_columns/pres_sun_col/index.htm
Tags: Toronto Realtor