Toronto Land Transfer Tax should be scrapped

TORONTO, June Fourteen, 2013 -- With the City of Toronto's Executive Committee expected to check a City staff report on options for phasing out the Toronto Land Transfer Tax in coming weeks, a new poll is showing powerful public support for getting rid of this tax.  "The public continues to feel strongly that the Land Transfer Tax should be scrapped. Torontonians know that the land transfer tax is not very good for our City, and they want City Council to follow through on commitments to phase it out," said Ann Hannah, President of the Toronto Real estate Board ( TREB ).  The poll was conducted by Ipsos Reid, between May 10, 2013 and May Twenty-two, 2013, and discovered that,  Two thirds ( Sixty five percent ) of Torontonians support plans to eliminate the Toronto Land Transfer Tax ;  Support for eliminating the land transfer tax with a gradual phase-out approach, as recommended by Mayor Ford, is robust ( Sixty five percent ) ;  90% of current home buyers feel that they received minimal added value in borough services for the Land Transfer Tax that they paid to the Town ;  74% of home purchasers in Toronto and the Bigger Toronto Area say they are much more likely to get a home outside of Toronto specifically due to the Toronto Land Transfer Tax ;  65% of home purchasers who now live in Toronto say they are much more likely to leave Toronto, when they buy their next home, specifically because of the Toronto Land Transfer Tax ;  "The Land Transfer Tax has hurt Toronto for enough time. We have been talking out against this tax for some considerable time and we'll keep doing so till Town Council takes action. We're pleased with our attempts to stand up for the public and let them know on this issue, and we are going to keep doing that. The general public expects action on this unfair tax before the next municipal election," said Von Palmer, Chief Government and Public Affairs Officer for TREB.  A study printed last autumn, by the C.D. Howe Institute, discovered that the Toronto Land Transfer Tax is directly responsible for dampening home sales in Toronto by 16 percent. This equates to over 5,000 lost housing sales, including condominiums. A new study, conducted by the Altus Group, determined that each resale housing transaction ends up in over $40,000 in spinoff spending on things like movers, restorations, furniture, and appliances.  "Home possession is a worthy goal and Town Council should not be making it harder to realize. City Council can, and should, move onward with a responsible phase-out of the Land Transfer Tax," added Palmer. www.tomsmok.com www.tomsmok.wordpress.com www.tomsmok.blogspot.com