After a prolonged personal battle against Toronto City Hall’s attempt to increase the dreaded and disliked LAND TRANSFER TAX, I am defeated. As are all those who fought this fight. And to no or little avail!
Well, I believe there was a small victory in among all the defeat. Namely, City Hall increased the rebate to first time home buyers (provided that they are Canadian Citizens or Landed Immigrants) as follows:
Increasing the maximum allowed First-Time Home Buyer Rebate to $4,475, up from $3,725.
Well…I guess humbleness or humility, or some such thing, in defeat must prevail. I mean, it’s not like my country just elected Donald Trump and I have to live with that. Or wait a minute! My country did not elect Mr. Trump — nor did most of the planet — yet we all have to live with that! Damn!
“How to coexist, after defeat, with citizens whose views you despise. Democracy means accepting shocking outcomes.” – Updated by Melissa Schwartzberg and Jennifer Gandhi for VOX (Nov 9, 2016, 2:10pm EST)
That was not quite the panacea I was seeking. I want to forget all that which I dislike and/or disagree! I want pretty pictures to watch and lovely smells to inhale and soft warm textures to caress. I want to crawl back into the Hollywood-machine and forget, forget, forget.
“Humility is the only true wisdom by which we prepare our minds for all the possible changes of life.” — George Arliss
Perhaps I will find some happy medium between reluctant defeat and utter escapism. But in the meantime, below are the facts of your further enslavement to the tax overlords of City Hall courtesy of TREB. Read it and cry...
(NB: This defeat, however bitter, does not mean the fight shouldn’t continue. And what about the myriad questions…like: “What has happened with all that money?”)
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City of Toronto Council has approved changes to the Toronto Land Transfer Tax that mean additional Toronto Land Transfer Tax costs for some home buyers with a closing date on or after March 1, 2017, when it will be harmonized with the provincial LTT.
Click here to see the detailed City of Toronto Notice on the “original” proposed changes posted in December 2016 (NOTE: changes made to original proposals as per below).
The following changes to the Toronto Land Transfer Tax were considered and approved by Toronto City Council on February 15, 2017. The changes are effective AS OF MARCH 1, 2017, for real estate transactions closing on or after this date:
- Added an additional LTT of 0.5% of the value of a residential or non-residential property from $250,000 to $400,000 (an additional $750)
- Added an additional LTT of 0.5% of the value of a residential property above $2 million.
- Added an additional LTT of 0.5% of the value above $400,000 of a non-residential property.
- Increasing the maximum allowed First-Time Home Buyer Rebate to $4,475, up from $3,725.
- Amended the first-time home buyer rebate program eligibility rules to restrict rebate eligibility to Canadian citizens or permanent residents of Canada.
TREB Efforts Achieved Significant Concessions – First Time Buyers Protected
TREB, with the support of Ontario Real Estate Association (OREA), undertook a comprehensive campaign to oppose the proposed changes. As a result of these efforts, significant concessions were made to the proposals that went forward for City Council’s consideration as follows:
Under the original proposal, first-time buyers would have been forced to pay an additional $475 in Toronto LTT. However, TREB pushed for an increase in the rebate from $3,725 to $4,475 meaning first time buyers will not face an increase.
Many first-time buyers would have lost eligibility for the first-time buyer rebate entirely, meaning a total LTT increase of $4,475. TREB pushed back and all first time buyers will still be eligible for a rebate.
As a result of TREB’s efforts, first-time home buyers will NOT see any change.