"It doesn't impact the 98 per cent of people buying homes,"
"This measure makes life more affordable and easier for middle class and working folks who are having a hard time making ends meet."
"I'm asking the two per cent of buyers purchasing luxury homes far beyond what average Torontonians can afford to chip in more. Those who can afford five or ten million dollar homes can afford to pay their fair share."
The executive committee endorsed a plan to increase the municipal land transfer tax on homes valued above $3 million, with rates rising gradually as property values increase and taking effect April 2026. The hike would apply to properties up to more than $20 million and builds on a previous 2023 increase for multimillion-dollar homes. Estimated revenue is designated to help keep TTC fares low, support school food programs and finance construction of affordable rental housing. The proposal targets roughly two percent of luxury-home buyers and requires final approval from city council at its next meeting.
Read at www.cbc.ca
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