The Liberal government isn’t ruling out giving all Ontario municipalities optional power to impose a land transfer tax just like the one Toronto already has, adding several thousand dollars to the cost of a home! For example the purchaser of a Toronto home selling for $450,000 will pay a total of $10,200 in land transfer tax — $5,475 to the province and $4,725 to city. The Ontario Real Estate Association (OREA) is encouraging the government to think long and hard before giving municipalities additional taxing powers when it comes to home sales. “Ontario home buyers are already charged a provincial land transfer tax, so by adding a municipal tax, they’re essentially doubling the tax burden on Ontario families,” “ We’ve certainly hoped it was not going to happen, but we’ve heard from the minister’s office that it is absolutely going to allow municipalities to add this to the bill. ” Patricia Verge, president of OREA, said in a statement.
The “double land transfer tax” is a tax that Realtor’s have never stopped fighting in Toronto since it was introduced seven years ago, and now their worst fears may be coming true: The land transfer tax is spreading across Ontario. If you believe what they are reporting in the press Liberal party is going ahead with plans that will allow municipalities to follow Toronto’s lead and implement their own land transfer tax. Ontario government officials deny anything has been decided at this time but is seems the writing may be on the wall. In the red-hot Greater Toronto Area market, a new tax threatens to tilt the map against suburbs that have been booming — in part due to an economic advantage they have over the city because of the levy. Buyers in Toronto purchasing a $1 million home get slapped with a $32,200 tax to transfer property, $15,725 of which is the city of Toronto’s portion.“My thoughts….. I have seen people shifting out of the city to York & Durham Regions in part to purchase an equivalent property for less dollars with the added incentive of not having to pay the “double land transfer tax”! I believe that this has caused a spike in the sale of homes in these surrounding regions. Not sure how all of this will ultimately trickle down to the overall market in Ontario but I do know that I am getting the calls from Buyer’s and Seller’s asking questions and expressing concern. Any municipality that decides to implement the the additional tax will likely do so in the spring. It is my belief that it will definitely create a surge in all markets affected before they implement the tax! Sheree”
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NEW TESTIMONIALS FROM MORE SATISFIED CLIENTS:
Dear Sheree, Bettina and I would like to thank you again for your efforts in selling our home. You and your staff were absolutely fantastic. Professional and efficient every step of the way. From beginning to end all was clearly explained and arranged so as to minimize the stress of selling a home. And no matter how busy you were you always had time for our many questions or requests. We are so glad we chose to list our home with you and cannot recommend you enough to our friends and neighbours. -David and Bettina Roth
Sheree did a wonderful job selling our house. She went above and beyond what we could have expected. She kept us informed and up-to-date at all times. Even though we were out of town during the sale, we knew exactly what was going on every step of the way. She even came to turn on and off our house lights and kept our house in fabulous shape during the showing and took care of everything (from little trivial items to signing the purchase). In essence, Sheree is motivated, reliable, dependable and experienced and I am extremely pleased to have worked with her on the sale of our home.
In this competitive real estate market in Toronto, window of opportunity is very narrow and things move really fast. You don’t get a second chance when it comes to buying or selling property. A real estate agent can be the determining factor that makes or breaks a deal. You really need an agent like Sheree who acts fast, is on top of the current situation, motivated, hands-on and market knowledgeable to get the job done. – Tracy & Patrick