Roll It Back
The Toronto Real Estate Board (TREB) is asking city councillors to walk their talk by rolling back the Toronto land transfer tax while keeping property tax increases in check.
Last fall, city council approved the implementation of the Toronto land transfer tax, as well as a motion committing to reduce it by $50 million once the province uploaded 50 per cent of the city’s estimated downloaded costs of $729 million. TREB sees recent progress and believes that the city should begin the process of rolling back the tax immediately.
In a written submission to the executive committee, TREB posited that city council is in a position to implement the intent of this motion due to a number of factors, including the following:
TREB believes that recent progress and a modest implementation of the mayor’s fiscal review panel recommendations will reduce pressure on this year’s budget by hundreds of millions of dollars. The organization also believes that city council can begin rolling back the Toronto Land Transfer Tax, while keeping property tax increases to the rate of inflation as promised by Mayor Miller.
