With Toronto City Council scheduled to debate and vote on the City’sproposed 2009 Operating Budget tomorrow, public opinion poll results, released today, show that 65 percent of Torontonians believe that the Toronto Land Transfer Tax should be repealed.
The poll was conducted by the Environics Research Group Ltd. for the Toronto Real Estate Board.“REALTORS® strongly believe that Toronto City Council should scrap the Toronto Land Transfer Tax,and the public agrees,” said Maureen O’Neill, President of the Toronto Real Estate Board. “The TorontoLand Transfer Tax is not a fair tax and is hurting Toronto’s economy.”
The poll also found that 57 per cent of Torontonians believe that the Toronto Land Transfer Tax is hurtingthe real estate market and 62 per cent believe that the City has not taken adequate action to helpstimulate the economy.“Torontonians want more action from the City on the economy, and they understand that the TorontoLand Transfer Tax is having a negative impact,” said O’Neill. “One of the best ways that the City can takeaction to help with the current economic situation is to roll back the Toronto Land Transfer Tax.”
A recent study conducted by the C.D. Howe Institute and Economics Professors from the University ofToronto determined that the Toronto Land Transfer Tax is having a significant impact on Toronto’s realestate market, reducing housing sales by 16 per cent and values by 1.5 per cent in 2008 alone.