New Poll Shows Increasing Public Support for Phasing-Out Toronto Land Transfer Tax

TORONTO — In light of the launch of the City of Toronto’s 2014 budget-setting process, the Toronto Real Estate Board (TREB) has released the results of new public opinion research that shows a strong majority of Torontonians, 69 percent, support a phase-out of the Toronto Land Transfer Tax, up four points from May 2013.
The poll was conducted by Ipsos Reid and found that:

• Seven in ten Torontonians, 69 percent, support a phase-out of the Toronto Land Transfer Tax.
• 30 percent of recent first-time home buyers, in Toronto, had to pay some Toronto Land Transfer because City Hall's first-time buyer rebate is insufficient because it has not kept pace with inflation.
• 72 percent of Torontonians planning to purchase a home in the next two years are more likely to consider purchasing outside of Toronto to avoid paying the Toronto Land transfer tax.

Toronto is the only municipality in Ontario where home buyers are forced to pay a municipal land transfer tax. This tax costs the buyer of an average detached Toronto home $12,500, which has to be paid in full to City Hall, up front, as a closing cost, and cannot be tacked on to a mortgage. This is in addition to a similar amount payable to the Province.