Oakville, ON, May 29, 2014 – The Oakville, Milton and District Real Estate Board applauds the candidates of Oakville and Halton’s electoral districts for unanimously saying “NO” to legislation which would permit the spread of a Municipal Land Transfer Tax to our region. Toronto’s land transfer tax added an average of $6,200 for the average priced resale home in 2013 ($524,089).
“There is no shortage of disagreement on election issues among political parties but we’re pleased every candidate was unanimously against the spread of a second land transfer tax to Oakville and Halton,” said Jack McCrudden, President of The Oakville, Milton and District Real Estate Board. “Our Board congratulates all the candidates who participated in the Oakville Chamber of Commerce debate for their forward thinking on this issue which would impose another financial hurdle for those who are trying to achieve affordable home ownership.”
In light of the unfolding provincial election, Ontario REALTORS® are raising awareness around the MLTT’s restrictions on home ownership and its negative economic impacts to ensure it does not spread to municipalities outside of Toronto.
“We want to ensure that Oakville and Halton’s political leaders do not impose this tax on local home buyers. Home owners already pay enough taxes; a municipal land transfer tax would hurt the dream of home ownership for local residents,” concluded McCrudden.
Only the Government of Ontario has the authority to allow a municipality the right to implement a Municipal Land Transfer Tax. In 2008, the Government of Ontario allowed the City of Toronto to charge home buyers an additional Toronto Land Transfer Tax on top of the provincial Land Transfer Tax.
Resale housing transactions across Ontario generate significant economic activity. The purchase and sale of homes generates fees to professionals such as lawyers, appraisers, REALTORS® and surveyors, as well as taxes and fees to government. In addition, homebuyers often purchase new appliances or furnishings and typically undertake renovations that tailor the new home to specific household requirements.
For more information, please visit www.donttaxmydream.ca.
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For further information:
Von Jeppesen, Communications Specialist
The Oakville, Milton and District Real Estate Board
905-844-6491 Ext. 101