TORONTO – The 444 municipalities across Ontario will not be given the same power as the city of Toronto to impose a land transfer tax.
Municipal Affairs Minister Ted McMeekin says he consulted a wide range of groups following last year’s local elections and found there was no call for a municipal land transfer tax.
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He says local governments are looking for new revenue tools, but adds there will be no extension of a land transfer tax to any municipality beyond Toronto.
READ MORE: Land transfer taxes up for review, could double across Ontario
The Progressive Conservatives celebrated in the legislature after McMeekin’s surprise announcement during question period.
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Deputy PC leader Steve Clark had campaigned hard against giving cities and towns the ability to create a land transfer tax, which he warned would hit home buyers with a bill averaging an extra $10,000 on closing.
The Ontario Real Estate Association and several mayors also had warned the province that a land transfer tax would hurt home sales and the economy.
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