Create new land transfer tax bracket on home sales over $3-million, Toronto councillors propose GlobeToronto
The land transfer tax – a power granted to Toronto by the province, and which can be modified by council – has become an essential part of the city’s budgeting process. Staff are expecting it to raise about $730-million this year.
Under the councillors’ proposal, the money raised by setting a new top bracket would not go into the general pot of city revenues but would be earmarked for the Housing Allowance program. There are 5,000 people currently receiving money under this program, the councillors say, and boosting the land transfer tax could mean this support being extended to another 1,000 people each year.
“It’s housing paying for housing,” said Ms. Bailao, who is also a deputy mayor and chair of the city’s planning and housing committee. “It’s a much more economical way to deliver services. If you look at the money that we’re spending. If you look at hospitals and shelters … it is much cheaper to house somebody.”
The city’s land transfer tax was instituted in 2008. The city’s real estate market has since gone into overdrive, but the tax’s brackets have not risen in step. It was only in 2016 that the top bracket was raised to sales over $2-million, an increasingly common price in the more desirable areas of the city.According to the councillors raising the idea of modifying the tax, about 775 homes now sell annually for more than $3-million.
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