Toronto Mayor Rob Ford — stripped of most of his powers last month in the wake of a crack cocaine scandal — has thrown his weight behind a plan that would seemingly be a hit with homebuyers and real estate agents: an overhaul of the city’s land transfer tax, which would cost the city almost $20 million a year, the Toronto Sun reports.

But the Toronto Real Estate Board is publicly denouncing the plan, which would reportedly eliminate the Toronto Home Buyer Tax on the first $200,000 value of a property, but also get rid of a rebate for first-time homebuyers that refunds the tax they pay on the first $400,000 of property value.

With the average Toronto home selling for $570,000, 40 percent of first-time buyers already pay some land transfer tax, TREB says.

“Even first-time homebuyers purchasing below-average-priced properties are being forced to pay thousands of dollars in Toronto homebuying tax,” said Von Palmer, TREB’s chief government and public affairs officer, in a statement. “Any proposal to eliminate the first-time-buyer rebate would make this situation worse.”

Ford has previously campaigned on eliminating the tax altogether. His budget chief, Frank Di Giorgio, doesn’t think the current plan will be embraced by the City Council, but will make a case for it.

“I don’t care if you’re a first-time homebuyer or any homebuyer, you shouldn’t have to pay on the first $200[-thousand], even $300[-thousand],” Di Giorgio told the National Post,  acknowledging that “the first-time homebuyer would suffer, but many more people would benefit.” Source:

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription