Province rejects York’s request for more revenue tools
Homebuyers and owners, maybe you do have a friend in the Province.
The Ontario Conservative government has declined a request by the Regional Municipality of York for the authority to levy additional revenue tools, including municipal land transfer taxes.
The Toronto Real Estate Board (TREB) applauds the Province for taking a strong stand in support of homebuyers and sellers.
TREB says it has spoken out against the use of land transfer taxes as an “unwise” and “unfair” method for municipalities to raise revenue.
Had it been approved, the request would have given York Region the freedom to impose new taxes on items such as vehicle registration, land transfer, alcohol, entertainment and amusement, parking and tobacco.
“We are encouraged that the provincial government recognizes the pressures facing consumers and the potential negative impacts of municipal land transfer taxes,” TREB says. “(We) will continue to speak out to protect the interests of home buyers and sellers.”
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