It was interesting to watch, as an outsider, the political maneuvering that Mayor David Miller in Toronto employed to get is cash-grabbing municipal land transfer tax passed into reality.
In a nutshell, the Toronto city council voted to defer the tax vote earlier this year. Not to be deterred, the mayor as much said if I can’t collect the tax, I have to cut services. Hitting them where they live, the government closed community centres and libraries to save money. Cue public outcry. Fast-forward to October 22. The tax vote was re-introduced and passed. As of January 2007, home buyers will have to fork over thousands more dollars in closing costs to buy their dream home.
How can Durham Region be the beneficiary of this tax?
Particularly over the next year, when the new land transfer tax, and a proposed 10 12% jump in property tax, is hardest to swallow, FOR SALE signs in Durham Region could be snatched up by disillusioned buyers.