The Ontario Real Estate Association encourages all Ontarians to visit www.DontTaxMyDream.ca to learn more about the negative impact of the Municipal Land Transfer Tax and stop this tax from spreading province-wide. Buyers currently pay an Ontario Land Transfer Tax when purchasing a home. The Municipalities want to charge a similar tax to buyers.
If the Municipal Land Transfer Tax were to spread to Cambridge and North Dumfries and charged at a similar rate as Toronto, homebuyers would be forced to pay an additional $2,940.00 on the average priced home of $321,549.00 using 2014 statistics. It would almost double what they already pay in land transfer tax. Our buyers are already stretched – they can’t take another tax burden like the Municipal Land Transfer Tax.
Be sure to visit Don’t Tax My Dream and voice your opinion on this tax.