Municipal land transfer tax

This just in.....

Municipal Land Transfer Tax:  UPDATE!

From Patricia Verge,
President, Ontario Real Estate Association

It gives me great pleasure today to inform you that this morning, Ted McMeekin, the Minister of Municipal Affairs and Housing, informed the legislature that the government will not give municipalities the ability to charge a municipal land transfer tax (MLTT).
 
Below is a portion of copy of the Minister's statement:
 
While we are currently reviewing the feedback from our partners, it is clear is that there has been no call for a Municipal Land Transfer Tax.  I was pleased communicate our government's position today, that other than in Toronto, where the power already exists, our government will not be extending Municipal Land Transfer Tax powers to other Ontario municipalities.

In short, the government has listened to our campaign and agreed that the MLTT was the wrong tax for Ontario municipalities. In doing so, you, Ontario REALTORS, have helped stop one of the largest tax increases on home ownership in a generation. It is one of the biggest government relations wins in our association's history.

Good news for homebuyers outside of Toronto

Karen