TORONTO, December 4, 2012 Given new polling results that show powerful opposition, especially among Mississauga and other "905" area residents, to city land transfer taxes, REALTORS are calling on the City of Mississauga to postpone its current consideration of a municipal land transfer tax. This type of tax creates more problems than it clears up." declared Ann Hannah, President of the Toronto Real Estate Board, which represents 35,000 REALTORS across the Greater Toronto Area, including more than 5,000 in Mississauga.
"This poll shows the public understands that land transfer taxes are the wrong way for municipalities to clear up their money challenges.
The poll was conducted by Ipsos Reid in Nov 2012 and found :
77 percent of Mississauga residents, and 83 percent of all 905 residents mixed, are against the imposition of a civic land transfer, in their municipality, to offset city deficits or to put towards increased spending on structure and other city programs ;
89 % of all 905 region residents planning to purchase a home in the next 2 years are more likely to get outside Toronto in particular to get around paying the Toronto Land Transfer Tax.
Seventy percent of Toronto residents planning to purchase a home in the following two years are much more likely to purchase outside Toronto particularly to not pay the Toronto Land Transfer Tax.
If levied at the same rate as the Province and the Town of Toronto, a Mississauga Land Transfer Tax would cost the purchaser of a mean Mississauga detached home about $10,000, due up-front. It is very unfair to expect folk like down-sizing seniors, or young growing families who want more space, to pay so much more than their fair share.
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