Toronto Real Estate Board's Survey about Toronto Land Transfer Taxes
The Toronto Real Estate Board (TREB) is opposed to the Toronto Land Transfer Tax.
It commissioned a survey by Ipsos Reid about the tax. Here’s a copy of the new release:
This is the summary of the key points:
• 77 percent of Torontonians who recently purchased a home in Toronto feel that they received little or no added value in City services for the amount of Land Transfer Tax paid to the City;
• A third of first-time buyers indicated that they had to pay some Land Transfer Tax to the City, notwithstanding City rebates;
• In a list of issues facing municipalities, housing affordability was most often ranked as the most important by Torontonians, ahead of traffic congestion;
• 78 percent of Torontonians believe that property taxes are more transparent than the Land Transfer Tax and make it easier for the public to hold City Council accountable for their spending decisions;
• Public opposition to the land transfer tax remains strong even if the tax were to be dedicated for spending on transit and infrastructure, with more than two-thirds, 68 per cent, opposed to this idea;
• 61 percent of Torontonians believe that City spending on programs and services is efficient and cost-effective. This is up from 45 percent a year ago, indicating a significant improvement.
Quite frankly, I’m surprised that 95% didn’t say that they did not receive value, and only one third thought that they were still dinged by the tax in some way even after the rebates.
In my opinion, both these numbers are quite low.
Housing affordability doesn’t have that much to do with the tax. It is a relationship between prices and incomes.
So, all in all, this public survey is not really an overwhelming endorsement of the Toronto Real Estate Board’s position.
Brian Madigan LL.B., Broker is a Manager at RE/MAX West Realty Inc., Brokerage 416-745-2300.