April 25, 2023 in Announcements

Furey To Help First-Time Home Buyers By Eliminating Land Transfer Tax

Furey To Help First-Time Home Buyers By Eliminating Land Transfer Tax

Toronto Mayoral candidate Anthony Furey announced he will help Toronto families afford their first home by eliminating the municipal land transfer tax for first-time home buyers as soon as he is elected.

We need to do all we can to support young families struggling with housing affordability,” Furey said. “Removing the municipal land transfer tax is the most meaningful thing a Mayor can do to assist families in making their dreams of home ownership come true.”

Furey was joined by prominent Toronto realtor Frank Leo, who endorsed the plan. The two stood together in front of a 3 bedroom property listing represented by Leo in the Keelesdale-Eglinton West area that has a list price of $1,250,000.

A young family would save almost $20,000 on their purchase of this home after this policy is implemented.

“Toronto residents tell me housing affordability is a key concern this election and this measure is an important tool the city has at its disposal that I want to use to help families,” added Furey.

Furey also announced his intention to gradually phase out the land transfer tax for all home buyers over the course of several years. This will be done by setting in motion a 25% reduction every year for four years, until the tax has been phased out.

The purchase of a home should be the happiest time of a person’s life,” Furey says. “It shouldn’t be viewed as an opportunity to squeeze extra taxes out of people.”

Economists have noted that such a land transfer tax is an unreliable source of revenue due to how the sums received fluctuate wildly depending on housing market conditions.

The Toronto land transfer tax is a relatively new creation, which was controversial when it was first put in place in 2007 under former Mayor David Miller.