The Ontario Real Estate Association (OREA) applauds the Toronto Real Estate Board (TREB) for its tireless work against the Toronto Land Transfer Tax (LTT) and urges all members to get behind TREB’s campaign.
TREB has been vocal advocate against the tax since its very implementation in 2008. Now, that the newly appointed Chair of the Toronto Budget Committee Frank Di Giorgio has committed to phasing out Toronto LTT, it is a critical moment for REALTORS® to speak out against the unfair tax.
- 77 per cent of GTA residents planning to purchase a home in the next two years are more likely to purchase outside Toronto specifically to avoid paying the Toronto Land Transfer Tax.
- Nearly seven in ten Torontonians, 68 per cent, support plans to eliminate the Toronto Land Transfer Tax. This is up from 65 per cent one year ago.
If you are a Toronto REALTOR®, please take the time to tell the new Chair, the mayor and your local councillor how you feel about the tax. It’s simple to do at: LetsGetThisRightToronto.ca.
In the meantime, the Ontario Real Estate Association (OREA) continues its work to ensure the municipal LTT does not spread into other Ontario municipalities, who in search of additional funding, might ask the province to grant them the authority to levy such a tax. OREA’s Government Relations staff are keeping any new developments under a careful control in order to curtail the problem at its root. For this OREA might need YOUR help. When the time comes for a member Call for Action, be prepared to respond and make a REALTOR® voice against the municipal land transfer tax loud and clear at Queen’s Park.