Durham realtors oppose land transfer tax expansion
DURHAM — A local realtors’ association is joining a campaign to prevent the expansion of the municipal land transfer tax.
The Durham Region Association of Realtors wants the public to contact their MPPs to oppose the expansion of the tax.
“If this tax was implemented in Durham Region, homebuyers would be forced to hand over $9,800 in total land transfer taxes on the average-priced home,” said Roger Bouma, president-elect of DRAR. “This will be a barrier to families looking to achieve their dreams of home ownership, and will have serious impacts on the local economy. Every home transaction generates $55,000 in spin-off benefits which creates jobs and supports local business.”
The provincial government is considering allowing municipalities to impose a land transfer tax. Toronto now has the ability to impose the tax.
DRAR said when Toronto enacted the tax in 2008, there was an estimated 16 per cent drop in housing transactions. That cost the city $2.3 billion in economic activity and 15,000 jobs.
The spread of the tax would make Ontario the most taxed jurisdiction in North America for homebuyers, the association noted.
DRAR and the Ontario Real Estate Association are joining forces, encouraging people contact their MPPs prior to a vote in the legislature on Dec. 3.
“A recent Ipsos Reid poll showed that nine out of 10 Ontarians don’t want this tax,” Mr. Bouma said. “We must get this message to our local MPPs to ensure that they hear the voice of their constituents before they vote on Dec. 3.”