Dec 01, 2015

By Bob Komsic

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After consulting with a wide range of groups after last year’s municipal elections, Municipal Affairs Minister Ted McMeekin found there was no call for a municipal land transfer tax.
And with that he’s announced that the 444 municipalities across Ontario will not be given the same power as the city of Toronto to impose such a tax.
McMeekin told the legislature, local governments are looking for new revenue tools but that there’ll be no extension of a land transfer tax to any municipality outside Toronto.
The Progressive Conservatives applauded the announcement.
Deputy leader Steve Clark had campaigned against giving cities and towns such power, warning a land transfer tax would hit home buyers with, on average, an extra $10,000 on closing.
The Ontario Real Estate Association and several mayors had also warned such a levy would hurt home sales and the economy.
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