Several tax hikes supported by Mayor Olivia Chow will go before council Wednesday but one councillor says there should be a cut as well.
Now, the average price of a detached home in Toronto is at $1.2 million and condos are selling for an average of just over $750,000. Last year, the average price of a home that qualified for the first-time homebuyers’ rebate was $832,000.
In 2022, the municipal land transfer tax brought in $944 million to city coffers but if the rebate didn’t exist, that would have been $68 million higher. Now councillors will be asked to forgo more revenue from the tax but at the same time as they are expected to vote in favour of Chow’s tax hike on high-priced homes.Article content
There are just over a dozen homes listed in the city for more than $20 million but hundreds priced over $3 million.Rightly or wrongly, taxing high-end homes is politically popular but so too should be making homes for first-time buyers just a bit more affordable. While $68 million, or perhaps close to double that, is a lot of money for the city, the average rebate in 2022 was just $4,173.
The councillor said that right now, the affordability crisis is pushing families to leave, noting that 50,000 people moved to other parts of Ontario last year.
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