Nathan Phillips Square
by Benson Kua
In a recently issued statement, REALTORS® joined Toronto citizens to express their disapproval of the status quo at City Hall on the day City of Toronto’s Executive Committee held a session to weigh options for fixing the City’s finances. Objections were raised against the way City Hall uses public money — producing mounting debt and levying unfair taxes like the Toronto Transfer Tax.
Getting over the hurdle
Richard Silver, President of the Toronto Real Estate Board, explained:
The public spoke loudly and clearly when they elected Mayor Ford and City Council with a clear mandate to get the City’s finances in order and to repeal the Toronto Land Transfer Tax, but it is important for them to remind City Councillors of this. REALTORS® are giving the public the opportunity to contact City Council through www.NoHomeBuyingTax.com. Many Torontonians are contacting City Council to say no to the status quo. The public wants the City to end wasteful spending and they want the Toronto Land Transfer Tax gone. The public does not want to see Councillors’ convictions crumble when decision time approaches.
If the authorities care about Toronto’s long-term development, they should act as swiftly as possible to cap the debt and stabilize the budget. In the past, unfair taxes hindered economic progress and hurt home buyers and home owners. Each home buyer faces on average about $6,000 payment because of the Toronto Land Transfer Tax, and if the provincial version of the tax is added, average buyers will have to cope with over $12,000 in land transfer taxes. City Council and Mayor Ford should fight to ensure the sustainability of the City’s quality of life.
REALTORS® meet with Torontonians on a daily basis and understand their worries and needs. Tight fiscal policies from City Council and well-functioning municipal policies have a profound influence on the quality of life in our communities, and citizens are right to demand it. “Just as any household has to occasionally review its budget, so, too, does City Council," said Silver.
