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Toronto council eyes land transfer tax hike on high-end homes as experts warn of economic cost

Toronto council eyes land transfer tax hike on high-end homes as experts warn of economic cost
toronto.ctvnews.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from toronto.ctvnews.ca Daily Mail and Mail on Sunday newspapers.

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These are the Toronto neighbourhoods that have the most luxury homes


These are the Toronto neighbourhoods that have the most luxury homes
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As real estate prices in Toronto continue to skyrocket and the city contemplates implementing a luxury home tax, new data has been released to indicate which areas, exactly, have the most expensive houses.
The city released a report last week that examines the potential effects of increasing land transfer taxes for homes worth more than a certain amount, and also includes a handy chart breaking down how many luxury homes were in each ward of the city. ....

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Higher tax on Toronto luxury home sales would ease housing crisis


Higher tax on luxury home sales would ease housing crisis
COVID-19 has dramatically reduced municipal revenues, leaving the city with a budget shortfall of $649 million
By Caryl Arundel
Scott Webb/Unsplash
We’re in the home stretch of the 2021 budget process, with the final vote by Toronto city council set for Thursday, February 18.
This year’s budget has been a tough one. COVID-19 has dramatically reduced municipal revenues, leaving the city with a budget shortfall of $649 million. To put that in perspective, it would take a residential property tax increase of more than 20 per cent to fill the hole.
Unlike the higher levels of government, local governments lack the tax levers to respond to budget shortfalls of this magnitude, and they are not legally permitted to run deficits. The mayor and council have rightly called for the federal and provincial government to step up to support the city. ....

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