12-13-2021, 12:17 PM
(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.
In Ontario, land transfer tax is provincial, and roughly 1%. Toronto (and only Toronto, at least in this province) adds the same amount on top. So, in Toronto, that $40K land transfer tax would be on a $2M property.
On the more affordable housing scale, the land transfer tax on a $400K townhouse or condo (in our region) would be roughly $4500. Not great, but it's not as massive as the $40K quote makes it seem.