TRREB Backs Changing Metropolitan Land Transfer Tax Obligation Rebate in Toronto

The City of Toronto’s Executive Committee will be meeting to consider a report that calls for providing first-time homebuyers with greater relief from the Municipal Land Transfer Tax (MLTT), including increasing the maximum eligibility threshold of $400,000 to reflect increased home prices in Toronto. As the City prepares to review the report, the Toronto Regional Real Estate Board (TRREB) is calling on the Committee to move ahead with long-needed adjustments to the MLTT First-Time Home Buyer Rebate. “First-time home buyers have been unfairly penalized by the MLTT for years. Adjustments to the MLTT first-time buyer rebate are long overdue,” said Michael Collins, TRREB President. READ: Council to Consider Increasing Rebate for Municipal Land Transfer Tax The average price of a residential property in the City of Toronto at the start of 2008, when the MLTT was first implemented, was $415,000, and the MLTT first-time buyer rebate was allowed up to a maximum of a $400,000 home, meaning that first-time buyers were almost completely exempt from paying any MLTT, as was City Council’s intention

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TRREB Backs Changing Metropolitan Land Transfer Tax Obligation Rebate in Toronto

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TRREB Backs Changing Metropolitan Land Transfer Tax Obligation Rebate in Toronto

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