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YORK REGION POLITICIANS WANT A NEW MUNICIPAL LAND TRANSFER TAX GRAB ON
HOMEOWNERSHIP
OREA AND TREB join forces to say NO to a new $11,000 tax on home buyers
TORONTO, ON, May 31, 2018 – York Region councillors are demanding new tax powers from the province, and they have their eyes set on the municipal land transfer tax (MLTT). If implemented, the tax would add over $11,000 to an average priced York Region home, impacting housing affordability for all home buyers and making the Canadian dream of home ownership less achievable for thousands of young buyers. This could set a dangerous precedent for housing affordability across the wider Greater Toronto Area and the rest of the province.
The Ontario Real Estate Association (OREA) and the Toronto Real Estate Board (TREB) are urging MPP candidates in York Region to say ‘no’ to another tax on home buyers, noting the effects of such a tax will be as detrimental as they have been on Toronto. This tax does nothing to address the real issue facing the GTA housing market: the need for more supply. This sort of tax is also an unreliable revenue source.
“It’s no secret that municipalities across Ontario have been asking the provincial government for new taxing powers,” said Tim Syrianos, President of TREB. “York Region home buyers are already charged a provincial land transfer tax, so by adding a municipal tax, the Region will double the tax burden on local families. If local councillors get their way, home buyers will be forced to pay $11,000 more in land transfer taxes on the average priced home in York Region.”
When the City of Toronto first implemented the MLTT in 2008, home buyers were hit with a big tax increase. Moving from one home to another suddenly became costlier for potential home sellers, by adding thousands of dollars to every transaction. This has caused many home owners to stay put, further limiting supply of the critical missing middle (that fills the gap between single family homes and high rises) housing types in the marketplace.
“We’ve been down this road before, with municipalities asking for new taxing powers and the provincial government considering their requests,” said David Reid, President of OREA. “Each time, Realtors have stood up for young families and opposed a tax. Home buyers need relief, not new taxes. We hope voters in York Region will consider where their local candidates stand on this issue before casting their ballot on June 7th.”
In 2015, Ontario Realtors, home buyers and sellers sent 34,000 letters to provincial policy makers, demanding a stop to the spread of the MLTT outside of Toronto. With the election exactly one week away, Ontario Realtors are urging all provincial and York Region provincial candidates to show their support for Ontario home owners, buyers and sellers by opposing the
spread of the MLTT beyond Toronto. They are also asking all Ontarians to email their local candidates urging them to oppose the tax.
Spokesperson Availability:
Media are invited to attend a provincial election debate at the Toronto Congress Centre from
2:30 to 3:15 p.m. on May 31, 2018, hosted by the Toronto Real Estate Board (TREB) and the
Ontario Real Estate Association (OREA). The discussion will focus on key real estate, housing
and other major election issues that have a significant impact on the Greater Toronto Area.
Following the debate, a news conference will be held jointly by TREB and OREA regarding
provincial changes to grant municipalities, including those in the GTA, new taxing powers, such as the imposition of a Municipal Land Transfer Tax in York Region.
TREB MEDIA CONTACT:
Mary Gallagher, Senior Manager Public Affairs
maryg@trebnet.com 416-419-8133
OREA MEDIA CONTACT:
Katarina Markovinovic-Praljak, Head of Communications & Media Relations
katarinam@orea.com
With more than 49,000 residential and commercial TREB Members to serve consumers in the Greater Toronto Area, TREB is Canada’s largest
real estate board. Greater Toronto REALTORS® are passionate about their work, and are governed by a strict Code of Ethics and share a stateof-
the-art Multiple Listing Service.
For your real estate facts and GTA Listings, updated in real time, visit http://www.TREBHome.com
Upcoming event information:
Game Changers Toronto June 5 – Buffini & Company Toronto Airport Marriott Grand Ballroom 901 Dixon Rd Toronto, ON M9W 1J5
Date: 05 Jun 2018 9:00 AM EDT
REGISTER TODAY – SAVE $150
America’s best listing agent, Joe Niego, kicks off the day by providing answers to the question every agent has─how do I get to the top and stay there? Joe will supply the tools you need to build a rock-solid game plan and stand out in today’s competitive market.
Whether you’re brand-new to real estate or have been in the industry for many years, Master Trainer, J’aime Nowak, will share the 5 winning qualities you can’t be without! Transform your business by mastering the fundamentals and creating specific goals that will push you closer to becoming a top producer!
During lunch, take the time to connect with others at the event—discuss what you’ve learned, share ideas and even exchange referrals!
Have you ever been unsure of how to successfully communicate with a difficult client? What you need are quick tips that allow you to ‘profile’ those clients on the spot and answer them in their preferred language. By the end of Kevin Buffini’s session, you’ll be able to connect with all your clients on a deeper level and demonstrate why you are their top choice!
Being a business owner is not always as exciting as it sounds, right? In the final session of the day, Dave McGhee, Vice President of Coaching, will share the most valuable strategies to help prioritize your activities, effectively manage your time and get the most out of each day!
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Price: $49 (reg. $199)
PROMO CODE: AMS
FREE FOR MEMBERS*
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We know that RECO’s recent application processing delays have been impacting many of you at the local board/association level. We apologize for the ongoing delay and the extra work it may be creating for you to verify your members’ registration with RECO.
RECO’s Registrant Search feature – now showing renewals in process
RECO’s Registrant Search feature has now been updated to show when a registration renewal is in progress. If a registrant’s expiration date has passed, but their status is listed as “eligible to trade; renewal in process,” they are allowed to continue trading. We hope this feature makes it easier for you to confirm the registration status of your members.
We are aware that there are functionality challenges with new registrants not appearing on the search. That issue should be resolved soon. We will inform you once that update is complete.
Update on the processing delay
RECO is taking numerous steps and using an “all hands on deck” approach to expedite the processing of applications; however, it will take time to return to our service standards. We expect new registration and re-instatement application processing times to return to normal levels by mid-June, and renewals by mid-July.
What if a registrant has submitted their renewal application but it’s not processed before their registration expiry date?
If a renewal application has been submitted, the registration is deemed to continue and the registrant is allowed to continue trading. Their registration on the MyRECO Certificate App and the Registrant Search feature on RECO’s website will show they are eligible to trade.
New registrants are frustrated that they are unable to begin trading until their application is processed. What can we tell them?
We continue to prioritize processing applications that impact a person’s ability to trade, namely new registrations and re-instatements. We understand the frustration among those who are waiting for their registration to be approved and sincerely apologize for the inconvenience the delay may have caused.
While we understand that the recent issues have been frustrating, please know that this recent system upgrade will, in short order, enhance our overall service delivery by enabling our staff to work faster and more efficiently.
We will continue to provide updates as they become available.
Thank you for your ongoing patience.
May 22nd and May 25th REALTOR® Training link. Sign up today. Spaces Limited
Spaces Limited for these 2 events. Sponsored by Nexera Law. All attendees will receive $100 gift card for Nexera Legal services for your clients. Lunch Provided. Head on over to our website to sign up today and don’t miss out on our sponsored Real Estate Training!
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