A recent poll of Toronto residents showed a majority of respondents supported a reduction or even an elimination of the Toronto Land Transfer Tax and they would be likely to vote for candidates in the municipal election that supported this.
This Toronto Home Buying Tax amounts to an average $8,000 for Toronto Home purchasers and many of the retirees and growing families want relief when they move to accommodate their changing lifestyles.
Results of this recent poll May15-May29
- 51% would vote for candidates who support reducing this tax
- 58% of Torontonians support reduction of the tax
- 52% support increasing the rebate amount for first-time buyers
- 67% of Toronto residents are considering moving outside Toronto for a home in the next two years
- 56% of first-time Home buyers had to pay some of this tax as the average price of Homes has increased with inflation
Other studies have found there is a loss of economic activity, a reduction of jobs, a loss of wages and salaries and a loss of resale Home transactions.
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