12-12-2021, 10:58 AM
(12-11-2021, 11:35 PM)jeffster Wrote: I have a good friend that works in a law office - it's strictly dealing with real estate mostly.
She was saying out cities are addicted to these high land transfer tax, every time there is a sell. It's common to see they taxes in excess of $40,000 now.
Had me thinking that, while the government (all levels) speak lip service regarding affordable housing, everything they do prevents it. Why? They want the money.
Not sure what a solution to that is -- but most likely they'd need to figure out a tax scheme from elsewhere.
It's out of the hands of municipal governments since they don't get to choose which tax tools they have. It's really the province that needs to reform this.
It's not just that they need revenue. It's also unpopular with the voter base to crash peoples' #1 assets (sigh).