For those Miller ass kissers who have a problem with comprehension.....
Toronto's land transfer tax hurting real estate market: C.D. Howe report
Last Updated: Wednesday, December 10, 2008 | 8:51 AM ET Comments26Recommend5
CBC News
The C.D. Howe Institute says Toronto's land transfer tax is causing potential homebuyers to look outside the city.
The institute says the impact of the tax on real estate transactions and prices in Toronto has translated into a drop in the number of homes sold and the price sellers are able to get.
Since the city introduced the tax last February, home sales have fallen 16 per cent and the average sale price of a Toronto home has dropped 1.5 per cent.
The authors of the report "calculate the [land transfer tax] will cause a reduction in household mobility … and an average reduction in selling price of about $6,400 per house."
Von Palmer, spokesman for the Toronto Real Estate Board, says it is clear the city should never have brought in the tax.
"Our predictions were bang on," he said. "We did warn them that this would hurt the economy."
But city budget chief Shelley Carroll says the report doesn't prove the tax has any bearing on Toronto's housing market.
"There's a slight dip in Toronto's housing numbers," said Carroll. "It follows the same trend for the GTA and all of Canada."
The report's authors say they took into account other factors affecting the housing market. But Carroll says the real estate market is too complicated to single out the land transfer tax as the sole reason for a downturn.
1 comment:
you truly are, an absolute drooling miller hating post ANYTHING without checking the facts first moron aren't you.
I just went through being absolutely inundated with inside documents of market reports, yearly comparisons, and actually selling my home and buying one just weeks ago.
I suggest you stop caterwauling as you usually do, and go get those reports, like I have, and read them. Read the graphs, the comparisons, the summaries, and have a look at the truth.
It wasn't the land transfer tax. Any half wit can surmise this. I forwarded your post to my agent, who has 18 years experience in the Toronto market, and he says, 'bullshit'.
Everyone is pointing to the record breaking point of oct /07 and making their assumptions based on that. He said it was well known in his circles that 08 would not repeat that peak, but he said spring of 08 actually surprised many of them and went well beyond their expectations. If you looks at the sales activity in spring 08, you will see that your (and CD Howe's) announcement, that it was the land transfer tax after all! Is just nincompoop nonsense.
And the reports bear that out. Clearly. Go look for yourself and stop for the love of god copying and pasting like an idiot.
Am I happy to pay the land transfer tax? Why would I be? It's over 7 grand for me our purchase price was over 500k.
But as you have said 1 billion times, there is only one tax payer. When one government at the top cuts taxes, and downloads, it continues down the line, and the municipal government is last in line.
Despite conservative tax cut screaming, nothing is for free.
Do I like Miller? Yes, and no. I think there is a better candidate out there to replace him, but I'm not stupid enough, to support ANYONE BUT MILLER and vote for an absolute twit with delusionary visions like that darwin award recipient Pittfield, whom I bet you voted for.
Smart.
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