Despite a tremendous outcry from the public and special interest groups, it looks like David Miller has gained the necessary approvals for his controversial new land transfer tax. What does this mean to prospective home buyers? To put it simply, on an average home purchase in Toronto of $400,000, the land transfer tax portion of your closing costs just jumped from $4500 to $9000. This doubling of the effective tax rate will raise the city an extra $300 million per year.
Like what you see? Read the rest at blogTO.com.
