Thursday, October 11, 2012

Real Estate Sales drop because of Land Transfer Tax

In a never ending effort to seem MORE INFORMED we are offered this headline 

Real estate sales down 16% because of land transfer tax:National PostToronto The land transfer tax, while lucrative, drove down real estate sales in Toronto by 16% over the past seven years, according to a recent C.D. Howe Institute report. By raising the cost of buying a home, the tax caused many Torontonians to ...

Is the EXTRA Toronto Land Transfer Tax duplication  alone to blame?   What about the tightening mortgage qualification terms and shortened amortizations?   Adding the CMHC premiums to your mortgage PLUS the Provincial Sales Tax on that fee.  Is it the Market Value Assessment that in 2 years makes your municipal tax payment 1% of your property value?  What about double digit increases in Hydro Rates for condo buildings and then adding HST to all the services including reserve funds?  Or maybe its the endless drum of the media that the end is nigh....

Every level of government and media is trying to kill the Golden goose. [real estate market]

As construction and manufacturing are related to sales and the LOT Levy is related to Government coffers and General Revenues...   Should we be better stewards?

What do you think?   Add your comments

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