Changes to Toronto's Land Transfer Taxes: APPROVED!

By: BRIAN C. MAYER

Changes to Toronto's Land Transfer Taxes: APPROVED!

Tags: Toronto Land transfer tax, taxes, city hall, cITY OF TORONTO COUNCIL

..and it's been done! Once again!

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).

STATUS
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:

 TREB Efforts Achieved Significant Concessions – First-Time Buyers Protected

TREB 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:

Any questions about the approved changes to the Toronto Land Transfer Taxes? I want to hear from you so leave your thoughts in the comment section below. 

Looking to buy, sell or refinance? Know your options. I can help! Direct line: 416-219-6662.