{"id":2028,"date":"2015-12-02T22:37:04","date_gmt":"2015-12-03T03:37:04","guid":{"rendered":"https:\/\/steveroblin.com\/?p=2028"},"modified":"2023-11-28T16:21:23","modified_gmt":"2023-11-28T21:21:23","slug":"hamiltonlandtransfertax","status":"publish","type":"post","link":"https:\/\/steveroblin.com\/hamiltonlandtransfertax\/","title":{"rendered":"No expansion to Hamilton Land transfer tax"},"content":{"rendered":"
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There is already a levy on all home sales collected by the province, and Toronto has a unique power to collect an additional tax. But more than a month after it was revealed Queen\u2019s Park was considering allowing the province\u2019s other 443 municipalities to collect the tax, Municipal Affairs Minister Ted McMeekin announced Tuesday the plan won\u2019t move ahead. \u201cLooking at the consultation we did, no one was asking for a land transfer tax and there was a campaign of misinformation in the house there, and it just made sense to me and to my caucus\u201d to announce that change, McMeekin said Tuesday after question period, where he announced the sudden about-face. Ashley Csanady Ontario won’t be allowing municipalities outside Toronto to levy a new land transfer tax on home sales. Postmedia Files After weeks of dithering, the Ontario government has ruled against expanding the municipal land transfer tax beyond Toronto\u2019s borders. Postmedia filesThe provincial Tories lobbied against an expansion of municipal land transfer taxes.\u00a0 There is already a […]<\/p>\n","protected":false},"author":3,"featured_media":176,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[4],"tags":[],"class_list":["post-2028","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-posts"],"acf":[],"yoast_head":"\n
\n\u201cOther than in Toronto, where the power already exists, our government will not be extending Municipal Land Transfer Tax\u200e powers to other Ontario municipalities,\u201d he said.
\nThe provincial land transfer taxes ranges from 0.5 per cent to two per cent, depending on the value of the home. Toronto\u2019s runs a similar scale.
\nIn Toronto, homebuyers pay an average of $12,000 in provincial and municipal land transfer taxes, according to the Ontario Real Estate Association, which lobbied hard against the change. On a $1 million home in Toronto, that bill rises to $32,200. In a red-hot housing market, that might not seem like a threat to realtors\u2019 business, but they cautioned against allowing the tax to spread to spread to other cities.
\nFirst-time home buys get a rebate of up to $2,000 for the provincial tax and nearly double that in Toronto.
\n\u201cExtending the power to levy the municipal LTT to Ontario\u2019s municipalities would hurt the home market by adding thousands of dollars to the costs of residential transactions,\u201d the OREA said in\u00a0fact sheet<\/a>\u00a0about the hike. \u201cThe municipal LTT would price many low and middle income Ontarians out of the real estate market entirely.\u201d
\nThe Progressive Conservatives at Queen\u2019s Park were equally critical, with deputy leader Steve Clark leading the charge against the municipal land transfer tax. He warned that expanding the tax would cost Ontarians upwards of $10,000 per home sale.
\nThat news came out of discussions the province was having with cities about how to increase their revenues and help them handle the costs of social services. In late October, it was revealed that land-transfer taxes were part of those talks.<\/p>\n
\nPC leader Patrick Brown lauded Clark\u2019s work and the OREA for spreading the word and said he\u2019s glad the Liberals changed course.
\n\u201cI\u2019ve said I\u2019ll criticize the government when they make a bad decision; I will applaud them if they make a good decision. It is a good decision to back away from this,\u201d Brown said.
\nNDP leader Andrea Horwath said it\u2019s curious the minister announced the change with consultations ongoing. She said many cities are still struggling to balance their books after years of service downloads and she wonders what the government will do now to help replace that possible revenue.
\n\u201cMunicipalities are still in very bad shape,\u201d Horwath said. \u201cThe topic had been discussed at a number\u00a0of places (including) the Association of Municipalities of Ontario. I don\u2019t know why the minister decided to get up in the middle of question period\u2026 to kind of pull something out of thin air and throw it on the table.\u201d\n<\/p><\/div>\n
\nTuesday, Dec. 1, 2015
\nhttp:\/\/www.nationalpost.com\/m\/wp\/blog.html?b=news.nationalpost.com%2F%2Fnews%2Fcanada%2Fontario-wont-expand-the-municipal-land-transfer-tax-beyond-torontos-borders
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