I don't think anyone in related to the real estate business would be for the Toronto land transfer tax that was suggested by toronto city council. Looking at the bigger picture, this tax would counter act the provinces motion to reduce urban sprawl. Essentially the city would be forcing people to move further out into the surrounding GTA so they can purchase the home that they can afford. From a real estate perspective it would have a huge impact on the market as well. A few thousand dollars is not easy to save. Had this crazy tax been implemented we'd definitely see a slow down in the toronto real estate market. And I believe the ripple effect would be huge. Just look around at how many new home sales office there are and how many new condos are being built. Think of all the construction workers involved in each project and other businesses that help the development of these projects.
Well luckily we've dodged the bullet for a while and are now wishing for the provincial government to step in. We'll just have to wait and see if it will become an election issue. Which I doubt because the province has to look after more municipalities than toronto alone.
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