The Ontario Real Estate Association (OREA) is launching Phase 2 of their campaign against municipal land transfer taxes (MLTT). Currently when you buy a home in Ontario, you will pay a Provincial Land Transfer Tax. Municipalities have been lobbying the Government of Ontario for a new source of revenue through a MLTT. Currently the only city in the Province that has this additional Land Transfer Tax is the City of Toronto – and the potential spread of this tax could threaten home ownership dreams by adding another large expense to the closing costs when buying a home.
Municipal elections are nearing in cities and towns throughout the province including here in the The Blue Mountains & Collingwood, and it’s worth your time to investigate a candidate and party’s position on imposing a MLTT in your town. In addition to this, you can visit the OREA website – donttaxmydream.ca – for more information and a form letter you can submit to your local candidates to have your voice heard.