With the debate less than a week away, both the Ontario New Democratic Party and the Ontario Liberal Party have released their platforms for the upcoming election. The NDP plan is entitled, “The Plan That Makes Sense” while the Liberal plan is called “Kathleen Wynne’s Plan for Ontario.” The release gives us an opportunity to analyze each party’s platform and their implications for REALTORS® and the real estate industry.
First, the NDP plan does not discuss the potential spread of the municipal land transfer tax or the current state of the housing market. However, the platform does propose program for homeowners looking to retrofit their home in an energy efficient manner. This policy, which OREA supports, helps homeowners save money while helping the environment.
Second, the Liberal platform is also excludes any mention of the municipal land transfer tax. The platform includes modest tax increases and the creation of government funds to help support job growth, mainly done through a re-introduction of the 2014 budget. The Liberals have also committed to reforming the Condominium Act, 1998 and allowing the cost of energy-saving home upgrades to be stretched out over a number of years.
Be sure to keep an eye out for our upcoming blogs on the 2014 Ontario election and get out there and inform your local candidates of OREA’s position on the MLTT by visiting www.donttaxmydream.ca and using the social media tag #NOtoMLTT!