Ahead of upcoming municipal elections, the proposed luxury home tax is weighing on the minds of Torontonians. realestate TOpoli Toronto luxuryhomes
When it comes to the state of housing in the Greater Toronto Area , there’s no shortage of things to worry about. But according to a new, the housing supply shortage and the potential effects of a proposed luxury home tax are two big ticket issues for GTA residents.
Currently, properties valued over $2M are subject to a Municipal Land Transfer Tax rate of 2.5%, but the City has discussed the possibility of a 1% hike to generate additional funding for affordable housing and transit. The concerned residents’ fears, however, stemmed from the possibility of the tax causing “move-up buyers” to hold off on upgrading, leading to fewer homes coming up for sale across all price points.
To that end, 71% of all GTA residents believe that municipalities should focus their efforts on increasing the supply of homes for sale and rent, rather than trying to reduce demand. This sentiment comes as the rental market continues to remain, pushing prices to increasingly unaffordable levels. The housing market, although down from its February peak, is fraught with high interest rates, lowering buyers’ purchasing power.
“Realtors have their ears to the ground,” Crigger said. “We talk to home buyers, sellers, and renters every day, and we know that housing affordability is top of mind. Many feel like they just don’t have any or the right housing options, and they know that municipal councils can change that with policies that will bring more housing supply to the market.”
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