OAKVILLE REALTORS® SOUND MLTT WARNING
The Oakville, Milton and District Real Estate Board was pleased that two of Oakville’s mayoral candidates committed to saying ‘NO’ to legislation which would permit the spread of a Municipal Land Transfer Tax (MLTT) to the Town.
Mayoral candidates John McLaughlin and Gordon Brennan both agreed that the MLTT should not be imposed in Oakville.
“Home buyers in Oakville already pay a land transfer tax to the province,” said Jack McCrudden, President of OMDREB. “An additional tax at the municipal level would place an increased burden on those wanting to achieve the dream of home ownership in our Town.”
“We are appreciative that Mr. McLaughlin and Mr. Brennan see the MLTT for what it would be – a burden for Oakvillians,” concluded McCrudden.
Oakville REALTORS® are disappointed that incumbent Mayor Rob Burton left the door open for the MLTT as a revenue option for the Town; an option which would impose an unfair tax on Oakville’s citizens.
Based on the percentage currently applied to Toronto homes, a Municipal Land Transfer Tax could add as much as $12,000 to the average priced Oakville home – a tax which must be paid up front.
OMDREB encourages its Members and the public to keep this issue in mind when they go to the polls to vote in this municipal election on October 27.