Toronto's floundering real estate market is putting a hole in the city's finances

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Toronto's floundering real estate market is putting a hole in the city's finances Toronto RealEstate

each a certain percentage based on the price of the home, from 0.5 per cent of its value to 2.5 per cent.

And, though prices have remained high, there have been huge drops in the number of transactions — up to 96 per cent year-over-year for some housing types,As pointed out by Matt Elliott forthis week, the city has taken in more than $500 million per year from the tax for nearly a decade, up a whopping 540 per cent since the program began in 2009.

If there’s a silver lining here, it’s that this should lead to a frank conversation about city revenues. A council that purports to care about affordable housing also quietly hoping for lots of real estate speculation to fuel LTT revenues always made for some awkwardness.

 

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...maybe now this town will finally stop building commerce killing bike lanes

I can’t wait to secure a $1.2 million mortgage to buy my first home in Milton!! I LOVE LIVING IN ONTARIO!!

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