Log in as a…


Login

NEW!

We’ve partnered with CREA to help improve your member experience and give your information the best security possible.

You will be returned to OREA once you have successfully logged in.

Login as a Member

We can help

articleimage

November 16, 2016

No new MLTT for Ontario municipalities

Minister Bill Mauro announced today that Ontario municipalities will not be getting new revenue tools including a municipal land transfer tax (MLTT). The announcement comes with the introduction of amendments to the Municipal Act and follows a commitment by the province in December 2015 to not give municipalities MLTT powers.

“Today’s announcement is good news for Ontario home buyers,” said Ray Ferris, president of the Ontario Real Estate Association (OREA). “The dream of home ownership is a growing challenge for many Ontarians. A second land transfer tax would have made things a lot more difficult.”

Toronto is the only municipality that has MLTT powers. The province was under pressure from mayors outside the GTA to extend the same powers to other municipalities. A buyer of an average priced Toronto home pays $15,000 in land transfer taxes.

Today’s announcement from Minister Mauro follows the province’s commitment in the Fall Economic Statement to double the land transfer tax rebate for first-time home buyers. The new rebate will provide up to $4,000 in tax relief to first-time buyers.

“An MLTT would have forced home buyers to pay $10,000 in total land transfer taxes,” said Tim Hudak, CEO Designate at OREA. “Young families need more help to become home owners, not new taxes.”

“We look forward to working with Minister Mauro and his government to continue to make home ownership more affordable for Ontarians,” said Hudak.

About OREA
Representing the 67,800 real estate brokers and salespeople members of Ontario’s 40 real estate boards, the Ontario Real Estate Association (OREA) serves its members through advocacy, educational programs and special services. www.orea.com.


For more information contact:

Katarina Markovinovic-Praljak

Head of Communications & Media Relations

katarinam@orea.com


More News & Press Releases

articleimage

Surplus and Underutilized Government Lands Key to Home Ownership

As Ontario’s lack of housing supply continues to push home ownership further out of reach for young families and first-time home buyers, provincial housing experts are urging the Ontario Government to leverage the nearly 6,000 public lands across the Greater Golden Horseshoe for housing development opportunities.

Read More
articleimage

OREA Statement on RECO/TICO Short-Term Rental Bulletins

Ontario REALTORS® help thousands of families every year have a memorable vacation by assisting with cottage, condo apartments and vacation homes short-term rentals. Vacationers who are looking for quality accommodations are well served when they work with a highly trained and professional REALTOR®.

Read More
articleimage

Ending Bully Offers Will Give All Buyers A Fair Chance at Owning A Home, Say Ontario REALTORS®

In looking for ways to increase fairness in the home buying process, Ontario REALTORS® are recommending an end to “bully offers”, a practice that gives some buyers an unfair advantage when making an offer on a home.

Read More
Back to News & Press Releases
To MP Survey
OREA Contract