According to new research by the Ontario Real Estate Association (OREA), Toronto’s MLTT has caused significant job losses and negative economic impacts since being imposed in 2008. The study, conducted by Altus Group, looked into the economic impact of Toronto’s Municipal Land Transfer Tax. They concluded that the tax has cost the city $2.3 billion in economic activity and almost 15,000 full-time jobs over the last six years.
In addition to this research, a survey conducted by Ipsos Reid highlighted Ontarians’ concerns over the potential implementation of an MLTT in their area which could add as much as $3,680 to the cost of a new home.
Seven in ten Ontarians believe that the addition of an MLTT would:
- Limit their ability to afford a home purchase – 69%
- Make them incur more debt in order to pay the tax – 69%
- Delay their decision to purchase a home – 71%
- Make them more likely to consider buying a home in a municipality that does not charge an MLTT – 74%
- Make them spend less on renovations, furniture or appliances for the home they would purchase – 73%
So far, only Torontonians have been saddled with this unfair second tax. But that could change. Many municipalities would welcome the extra revenue a Municipal Land Transfer Tax would put into their coffers.
The Ontario provincial election is on June 12. Find out where the MPP candidates and their parties stand on allowing a Municipal Land Transfer Tax in your community.
Speak out, loud and clear: Say NO to another home owner tax—before it’s too late.
Visit www.donttaxmydream.ca and make your voice heard.