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Realtors still fretting about land tax

Toronto Realtors are worried about what will happen to the market in the city now that the land transfer tax has been approved. Brad Lamb is widely known as Toronto's "condo king." He said about 8,000 new condo developments go up in the city every year and council is basically killing what he calls "the golden goose."

"It's a shot at the arm, not through the heart ... but it's still not smart," Lamb said. "It's not what his council should be doing. This council should be embracing housing and seeing it for what it is, which is one of the few bright spots of the Ontario economy."

He said this will affect Toronto in a negative way, suggesting that people are resourceful and can make their livings in other cities across Canada and around the world.

An Environics poll comissioned by the Toronto Real Estate Board shows 62 per cent of Torontonians think the land transfer tax is an unfair solution to the city's financial challenge and that 61 per cent wanted their councillors to vote against it.

October 24, 2007 in Toronto Real Estate Taxes | Permalink

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