Buying a home in Ontario is about to get more expensive.
“Ontario families know the value of home ownership. Across the province, almost 90% of Ontarians think that owning a home is part of the Canadian dream*.”
Ontario families are already stretched. They can’t afford another home owner tax. Currently, we pay a provincial land transfer tax (LTT) when we buy a home in Ontario, in addition to the property taxes we pay to our local municipality for as long as we own the home.
But the Ontario government could make buying a home even less affordable for families across the province by opening the door for municipalities to double the land transfer tax on home purchases. This is similar to what was done in the City of Toronto a number of years ago.
In 2006, the Government of Ontario allowed the City of Toronto to charge home buyers an additional Municipal Land Transfer Tax – doubling the amount of land transfer tax that homebuyers had to pay. The tax led to a loss in Toronto of 15,000 jobs over just its first five years**.
Now, the Ontario government is considering giving all municipalities in the province the power to charge this unfair tax, even after they said they wouldn’t.
That means paying thousands more of your hard-earned savings to the government the next time you buy a home.
2 out of 3 Ontarians say they’re tired of higher taxes targeting hard-working families.*
There's still a chance to have your voice heard.
Stand-up to this new tax grab! Tell your local MPP to Say NO to the Municipal Land Transfer Tax, and share with your friends and family.To learn more about the MLTT and how it will impact your family, check out the information below:
- * Ipsos Reid, 2014
- ** Altus Group, 2014