Posted by: torontocondo | December 9, 2012

Toronto Real Estate Hurt By Land Transfer Tax and Tighter Mortgage Rules

Toronto Real Estate Land Transfer Tax

The Toronto Land Transfer Tax took effect in 2008 and the Toronto Real Estate Board still continues to oppose this tax as recent figures show a continued drop in home sales.

Not only homes are affected but sales of home appliances, furniture and even renovations lead to a slowdown in the greater community.

As a result the revenue stream of a healthy Toronto Real Estate Market dries up and even non home owners will have fewer jobs and the general buying power will diminish.

Now that the economy is good the City of Toronto is expected to bring in $315 million but as Toronto Home and Condo sales drop the City will overspend their reliance on the land transfer tax.

Toronto Re/Max Condos Realtor Iris Li specializes in Toronto Condos both new and resale.


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