The Ontario Real Estate Association is urging voters to say no to a municipal land transfer tax. The association says research shows there would be a huge amount of jobs and economic activity lost in Ontario if a second municipal land transfer tax was imposed. The President of the Timmins, Cochrane, and Temiskaming District Association of Realtors says Timmins can’t afford a second land transfer tax and the housing market in the city creates jobs and drives the local economy.
The tax has been in place in Toronto since 2008. The Municipal Land Transfer Tax (MLTT) is a second tax applied to all home purchases on top of the Province’s Land Transfer Tax. The OREA is against the tax saying it will do more harm than good. There is more information about their research at http://www.donttaxmydream.ca/