Before the end of today Toronto residents, specifically all future home buyers should learn if a new and controversial municipal land transfer tax is to be passed in a vote by Toronto City council.
The most recent poll of council members shows 19 of Toronto's 45 councilors in favor of implementing the tax, 21 against it and the balance undecided or at least unwilling to comment on how they will likely vote.
Toronto is looking to new home buyers to alleviate some of it's budget shortfall and the growing deficit plaguing the city but one has to wonder if raising the bar on who qualifies financially to move into the ranks of home ownership won't have unforeseen costs of it's own.
Already considered one of the most expensive places in Canada in which to live, Toronto may face a loss of revenues from many current Toronto taxpayers who will decide moving outside of the city the the only option that will make buying a home affordable.
Placing a levy on one specific group to help cover costs for all is in my mind unfair.
Last week Toronto Mayor David Miller appointed a panel of professionals to review the city's spending and advise of any cost cutting measures.
Toronto council should address it's infamous spending problems first and save taxing young families looking for their start in life as a last resort only after cleaning its own house. If the will was there to do so The City of Toronto would find much of the needed revenues already exist.
Mike Montague
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From what I read this morning, it sounds as if this may actually pass due to the endorsement of the Board of Trade and a number of develoeprs too. I find that astounding as it is putting the problem on the backs of homebuyers rather than resolving the problem equitably. It would set a dangerous precedent for the rest of us!