TREB lately released the result of public opinion polling, conducted by Ipsos Reid, which found : .
Just about 7 in ten Torontonians, 68 percent, support plans to get rid of the Toronto Land Transfer Tax. This is up from 65 % one year gone.
72 % oppose city land transfer taxes regardless of if this tax was dedicated for spending on transit and infrastructure.
76 percent of Torontonians who latterly paid the LTT feel that they have received little or no added value in civil services for the quantity of LTT that they paid.
"For the buyer of an average detached home in Toronto, the municipal land transfer tax costs circa $10,000. Hannah. It's unfair to expect people like down-sizing seniors, or young growing families who require more space, to pay so much more than their fair share," recounted Ms. The C.D.
Research has shown that municipal land transfer taxes have a negative effect on home sales. Additionally, the Ipsos Reid poll discovered that 25 percent of the people who latterly bought a home in Toronto would have spent their land transfer tax money on furnishings or appliances, if they'd not had to give it to the City, and 21 % would have spent it on renovations.
"Housing sales create roles because when people move they spend money on things like renovations, movers, appliances, and furnishings. Every housing sale that's lost due to the Toronto land transfer tax risks Toronto jobs," said Ms. Hannah.
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