Toronto, ON -- (SBWIRE) -- 05/16/2014 -- Chris Allen, Toronto based Author & Realtor was recently interviewed by CBC regarding the Municipal Land Transfer Tax. The tax not only makes home ownership more difficult, but it puts Toronto buyers and sellers at a disadvantage when compared to their surrounding neighbors in lower tax jurisdictions.
“The taxes on a $500,000 home North of Steeles Ave. will cost about $6,000 less than a home South of Steeles,” explains Allen. “This tax also has a negative impact on Toronto’s economy, and quite frankly, needs to be repealed.”
In a recent poll 84% of Ontarian surveyed outside Toronto opposed a new municipal land transfer tax being introduced into their communities. 73% said a new tax would leave them with less money to spend on renovations, furniture, and appliances. 7 in 10 said that it would limit their ability to buy a home and put them in deeper debt.
“Ultimately it’s up to the Ontario government to allow municipalities to introduce a new land transfer tax.” explains Allen. “But considering the state of the current Ontario Liberal government I don’t think they’re willing to say ‘No’ to any tax whatsoever.”
About Chris Allen
Chris Allen, Toronto’s Real Estate Authority specializes in the sale of commercial & residential properties. He is author of the award winning publication The Book on Toronto Real Estate and is known as a man about town with a close network of high profile clientele.
For more information on the Municipal Land Transfer Tax, please visit www.donttaxmydream.ca
For more information about Chris Allen, please visit www.AllenEstates.ca
Contact: Chris Allen
Slavens & Associates RE inc.
435 Eglinton Ave W
Toronto On, M5N 1A4