The City of Toronto is doubling land-transfer taxes on homes. Toronto already has the highest tax rate in Canada for land transfers. A 400K house will incur a 9K land transfer tax. ouch.
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this post was added on wednesday june 27th 2007 around 12pm. it was added to the link category and was tagged: canada, housing, money, toronto
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Those idiots at city hall are practically begging first-time homebuyers to pack up and move to the suburbs. And they wonder why their tax base is diminishing – everyone is leaving the city to go as far as Milton, Georgetown, Burlington, etc…
It’s a lame solution, because those people in the suburbs still drive on Toronto roads, and probably enjoy lots of other services provided by the city. God damn 905.
**long read**
That’s why we can’t have left wingers (NDP) run the lower levels (both municipal and provincial) of government. There are too many meaningful services provided by the municipality and delivered to ordinary citizens that require a responsible pragmatic approach. The NDP is ineffectual on a municipal level because they’re too Utopian – almost, dare I say, ideological in their approach to government. On a municipal level, people just want results: they want minimal crime, well-paved roads, safe and clean parks, good schools, good transportation, etc…Most of those things can be obtained by simple good management, as opposed to an idealogical approach.
Here are a few ideas for Toronto to stay competitive within the GTA region: (these came to mind first)
1) lower property taxes for properties under $500K;
2) allow for a 5 year property tax moratorium for all commercial/industrial businesses employing more than 250 people looking to move their business to the City of Toronto;
3) toll the highways/roads coming in from the 905 regions for non-Toronto residents (use the 407 ETR technology– Toronto residents would be exempted)
4) one way streets in the downtown core (Yonge, Bay, Avenue, King, Queen, etc…)
5) develop a significant local public transit service (more than two token subway lines) that could eventually be expanded to include the 905 regions. (I have lots of thoughts on this, that I’ll save that for another time…)