Toronto Land Transfer Tax Is Etched in Stone.

By Penny Elizabeth Dutkowski, Broker

Even before the Toronto Land Transfer Tax actually came into force in 2008, city councillors including Mayor Rob Ford teased Torontonians with the suggestion it would either just be temporary or be revised downward and they've yet to stop dangling that carrot in front of voters. So much so that TREB has been lobbying for its repeal ever since and in my opinion, in a wasted effort to chase that rainbow.

Despite the truth that it's not going away anytime soon at least according to the Toronto Star, with an election just around the corner, mayoral candidates Karen Stintz, David Soknacki and incumbent Ford are doing what politicians do best - pitch empty promises for votes as they pretend they're in favour of any tweaking that would either produce a reduction or make it fairer. Fairer? based on raising the taxable brackets as home prices increase, Really? 

What on earth do you do then Mr. Soknacki when prices inevitably fall, lower the brackets or increase the graduated tax rates?    

Let's face it, Toronto needed and still needs the revenue and once a revenue stream piles money into the coffers - $358 million apparently in 2013, it's there to stay. It was so much easier for  Councillors who saw an opportunity in what was and still is the hot real estate market to institute that levy than it is to actually apply prudent fiscal responsibility.

At least John Tory and Olivia Chow are principled and confident enough to not sugarcoat their intention to keep it.

So that cash cow isn't going anywhere, ever!

By Penny Elizabeth Dutkowski, Broker with HomeLife/Bayview Realty Inc., Brokerage-Independently Owned and Operated.

All posts are the express opinion of Penny Elizabeth Dutkowski and should not be construed as that of the Brokerage.