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TREB speaks out on Toronto budget

More than 80 people, including representatives from several special interest groups showed up at City Hall on Wednesday to give a five-minute deputation to the budget committee, as consultations on Toronto's 2009 operation budget began.

The controversy over the proposed budget kicked off with the Toronto Real Estate Board asking councillors to take back the land transfer tax that was introduced in the last budget.

Toronto homeowners now have to pay a Toronto land transfer tax on top of the provincial land transfer tax.

When that is coupled with the proposed four per cent property tax increase, homeowners are paying a hefty price during a struggling economy, the TREB said.

"We warned City Hall that this is a bad tax, it's unfair and it will hurt the economy," said TREB lobyist Von Palmer.

February 18, 2009 in Toronto Real Estate Taxes | Permalink


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TREB is right - Miller's extra 2% (not much under $1M in Toronto that's safe) was the final straw in the Toronto RE bubble, and showed him up for the doctrinaire tone-deaf militant socialist that he is. But how about this solution, TREB and CREA - why don't you say "Yes", when a vendor takes that 2% our of your 5% commission, as the price of signing back an Offer? What about Purchasers putting in a new condition: "Seller pays Comrade Miller's LTT"? At least that way, the realtors will have something to show on their 2009 Income Tax Return. The tax was bad policy. TREB knew it would affect prices and commissions.

Posted by: seniorVP | Feb 22, 2009 5:30:37 PM

Or maybe it will just hurt these self-serving predators in their back pockets...hmmm, do ya think?

Posted by: Toronto Bear | Feb 19, 2009 7:35:33 AM

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