Land transfer tax relief plan moving to Toronto council

Torontosun.com
June 24, 2020
Bryan Passifiume

Measures to reduce the financial sting for first-time home buyers in Toronto will be debated next week at council.

A report from the city’s chief financial officer and treasurer presented at Monday’s executive committee meeting put forward a proposal to increase the municipal land transfer tax (MLTT) exemption amount for first-time home buyers.

When the MLTT was first implemented in 2008, first-time homeowners were exempted up to $400,000 -- a little less than the average price of a residential property at the time.

With average home prices more than doubling over the past 12 years, the exemption remained the same -- something the Toronto Regional Real Estate Board (TRREB) hopes the city will change.

“First-time home buyers have been unfairly penalized by the MLTT for years,” TRREB president Michael Collins said.

“Adjustments to the MLTT first-time buyer rebate are long overdue.”