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Mayoral hopeful Soknacki pitches land transfer tax reform

Wants to tie rebates to inflation

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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  1. Mark7 posted on 02/15/2014 12:05 AM
    You don't have a chance.

    FORD MORE YEARS!
  2. Frankie posted on 02/15/2014 05:44 AM
    Soknacki is a Millerite and we all know how much they respected the hard-working taxpayers. Hope he dilutes Chow's vote.
  3. john posted on 02/15/2014 10:30 AM
    man talk about politicians shooting themselves in the head he wil never get in with that attitude he just lost my vote just for saying that .




    FORD MORE YEARS FORD MORE YEARS FORD MORE YEARS FORD MORE YEARS .
  4. HP posted on 02/15/2014 10:41 AM
    Someone needs to explain why the Toronto Land Transfer Tax is such a big deal. It affects only a very small part of the population and it taxes people that can afford it (only house buyers pay this tax and can add it to their mortgage). It mirrors the provincial land transfer tax, generates revenue for the city, and was one of the special tax powers given to the city to generate revenue while keeping taxes low for the homeowners and taxpayers that pay through their rent.

    It really doesn't harm anyone, protects the vast majority of taxpayers from increases, and generates revenue for everyone. It can be said that it's a tax on the wealthier segment of Toronto's population...it taxes only those that can afford to buy houses in the city, most of the poorer homebuyer now buy in the GTA, but can't afford Toronto real estate.

    Can anyone explain why this is a big deal?
    1. Frankie posted on 02/15/2014 12:57 PM
      @HP You're kidding, right? The only jurisdiction in Ontario that charges a double tax, and in the most expensive city. According to you, anyone buying a home in Toronto must be rich.

      You're pretty out of touch with reality my friend and, since you're okay with double taxation since it doesn't affect you, how would you like a law that double taxes only you since it doesn't affect everyone else?
  5. john posted on 02/15/2014 01:58 PM
    developers have to pay the tax that's gos to the people buying the place so if thay dont like how much thay are paying that place will have anybody living in it . it would be a wastes of space . would it not ?
  6. mofo_phil posted on 02/15/2014 07:07 PM
    Thats his idea of reform? Useless.
  7. Nigel posted on 03/13/2014 10:48 PM
    You hear the same old story from these mayoral wannabes. They want to cap the land transfer tax or they want to reduce it. How about keeping promises that Ford and several of the city councilors said they would do and eliminate it. In the six years that this tax has been in effect, there has been absolutely nothing done with this tax even though poll after poll has shown that Toronto voters overwhelmingly oppose the Toronto Land Transfer Tax and want it eliminated. Are city councillors listening to their constituents? Obviously not. Clearly they are not respecting the wishes of the electorate. We need change at city hall.
  8. Brenda posted on 03/13/2014 11:16 PM
    Nigel,
    Just read your comment and completely agree. They are typical politicians who make promises they don't keep. Here is something you might be interested in. I came across a group called the Toronto Land Transfer Tax Coalition. I contacted the organizer,Toronto realtor Robert McDermott, who is also running for Toronto City Council in ward 36 for councilor. He said he will be running candidates in all 44 city wards on a mandate of eliminating the Toronto Land Transfer Tax and his organization will be supporting and endorsing candidates committed to eliminating the Toronto Land Transfer Tax. Good Luck to them.
  9. Marcel posted on 03/15/2014 02:47 PM
    Land Transfer tax reform will not happen. These politicians tell you one thing at election time and do the opposite when they are elected. For six years now they have been saying they are going to reduce or eliminate the Toronto Land Transfer Tax and have done absolutely nothing. I am supporting candidates running for Toronto City Council with the Toronto Land Transfer Coalition who are committed to eliminating this tax in the upcoming municipal election.
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