Families and individuals living in the Greater Toronto Area (GTA) pay some of the highest taxes on the purchase of a home in North America. In Toronto, buyers can expect a double land transfer tax, development charges and sales taxes, totalling over $200,000 in taxes and fees on the average priced home. Cutting taxes for home buyers and sellers is key to ensuring homes are more affordable for GTA families and individuals. 

The Conservative Party of Canada has pledged to remove the GST from the purchase of new homes sold for under $1 million. This is an encouraging step towards giving new home buyers desperately needed relief. Under this proposal, a buyer of an $800,000 condo, for example, will save $40,000 in taxes which could help spur new construction. 

TRREB continues to champion lower taxes on Canadian home buyers and sellers. Our advocacy has boosted land transfer tax rebates for first time home buyers, both provincially and in the City of Toronto. It has also spurred government action at the provincial and federal levels to remove HST from purpose-built rentals. We continue to urge all levels of government to turn their attention to lowering taxes on housing to help boost supply and make homes more affordable for hard working families and individuals.

Jennifer Pearce
TRREB President