The city has done what it can, time for the feds to move in
City Views By DAVID NICKLE
Excerpt from Article:
"Because ultimately, that's what will have to happen if anyone is going to save anything. As much of a booster as Toronto wants to be, there's only so much a city can do. To survive financially, Toronto council has had to do some things that are opposite to stimuli - a poster child for those being the lucrative land transfer tax, which both critics and proponents agree has had at least a short-term cooling effect on Toronto's already chilled real estate market.
Repealing the land transfer tax, as the Toronto Real Estate Board urged this week, wouldn't help - the city would then be in a bona fide financial crisis, and create even more economic turmoil raising property taxes on every home."
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Toronto's land transfer tax hurting real estate market: C.D. Howe report
CBC NEWS
Excerpt from Article:
"The institute says the impact of the tax on real estate transactions and prices in Toronto has translated into a drop in the number of homes sold and the price sellers are able to get.
Since the city introduced the tax last February, home sales have fallen 16 per cent and the average sale price of a Toronto home has dropped 1.5 per cent."
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