Mayoral hopeful David Soknacki says his proposal to transform the land transfer tax will help lighten the load on homebuyers and help wannabe owners break into Toronto's pricey housing market.
Soknacki's plan is to tie land transfer tax and exemptions to inflation. He says the savings would amount to a few hundred dollars.
Toronto's municipal land transfer tax scheme hasn't changed since it was introduced in 2008. With a 2014 real estate dollar not going nearly as far as it used to, Soknacki says the revamp will mean that people aren't paying more for the same amount of house.
Rob Ford promised to eliminate the land transfer tax in his run for mayor in 2010. More recently, Ford has been pushing for a rollback of five to ten per cent.
Soknacki, a budget chief under mayor David Miller, says the cut "sounds like a triumph of hope over experience". "If he (Ford) believes he can, I challenge him to put it forward at the next meeting of council."
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