FOR IMMEDIATE RELEASE:
Nov. 13, 2015
PORT DOVER – The provincial government plan to give municipalities the power to levy a Municipal Land Transfer Tax will hurt the average Ontario resident looking to buy a home.
The Liberal government is currently considering a new Municipal Land Transfer Tax that would significantly add to the cost of buying a home. Haldimand-Norfolk MPP Toby Barrett noted the tax unfairly targets young and middle-class and families starting out.
“This government is taxing anything and everything they can because this government is deep in financial trouble,” Barrett said. “It takes a long time to save for a down payment and now people will have to save longer to pay this tax. Government should be finding savings rather than finding new taxes.”
“If this tax was implemented in Norfolk County the average home buyer would be forced to hand over $4825 in total land transfer taxes on their next home,” said Ray Ferris, broker owner of Erie’s Edge Real Estate Ltd and President-Elect of the Ontario Real Estate Association. “This will be a barrier to families looking to achieve their dreams of home ownership, and will have serious impacts on the local economy. Every home transaction generates $55,000 in spin-off benefits which creates jobs and supports local business.”
The Municipal Land Transfer Tax could cost the province $2.3 billion in lost economic activity and 15,000 jobs, something Barrett did not want to see.
For more information, contact MPP Toby Barrett at 519-428-0446 or [email protected]