Last week the Mississauga Real Estate Board (MREB) hosted a mayoral debate at City Hall. The debate was a huge success! Not only were all the candidates wearing OREA’s Say NO to Another Home Owner Tax pins, but they also firmly stated their position against the municipal land transfer tax (MLTT).
This is great news in terms of stopping the spread of the MLTT to other municipalities in Ontario. Mississauga was at the epicentre of this debate back in 2012 when Mayor Hazel McCallion entertained the idea of asking the province for the power to levy an MLTT, similar to the tax in Toronto.
Fast forward to 2014, and we know that the municipalities are continuing to lobby the province for more revenue tools, which could include an MLTT. While Ontario REALTORS® understand the importance of municipal revenue to pay for services we all enjoy, the MLTT is an unfair, punitive tax that makes a small group of people pay for the services all citizens enjoy. Based on Toronto’s experience, we know that this tax has detrimental effects on the local housing market and negatively impacts jobs.
The debate was well attended, and broadcast across Mississauga. Candidates Steve Mahoney, Bonnie Crombie, Masood Khan, and Dil Muhammad participated in the lively debate. OREA would like to congratulate and thank MREB for their initiative and helping stop the spread of the MLTT.
Numbers at a Glance
According to a study by Altus Group Economic Consulting, if the City of Mississauga were to introduce an MLTT in their municipality, the city would experience a potential economic loss of:
- $482 million in home sales;
- $$249 million in GDP; and
- 3,156 jobs.