We are happy to report that the City of Hamilton’s Audit, Finance and Administration Committee defeated a proposed motion for the City to study a municipal land transfer tax (MLTT). This is a big win for Hamilton REALTORS® and in the ongoing fight to stop the spread of the MLTT.
The vote was overwhelmingly opposed by five to one. The fact the motion was defeated means the issue was not referred to the broader city council. In short, it means that even if the province gives municipalities the ability to levy an MLTT, it is unlikely Hamilton would implement the tax in the near future.
Kudos to President Donna Bacher, Ettore Cardarelli, Chair of the OREA Government Relations Committee, and Matthew Thornton, OREA’s Director of Government Relations on delivering an excellent presentation to the committee. There were a number of RAHB Directors and Government Relations Committee members who attended the committee meeting and added support to the delegation.
While this is a significant victory for OREA and Hamilton REALTORS®, we are not out of the woods yet on the MLTT. The province continues to review the Municipal Act and is signaling that it may give municipalities new revenue tools. Both RAHB and OREA will be submitting comments to the Province as part of the review.