Well the spend-a-holics at Toronto City Hall have voted in the new, additional Land Transfer Tax that will (initially) double the amount of Land Transfer Tax that you currently pay to buy a home in the city. Why I say "initially" is because getting it implemented is far more difficult to do than getting an increase in subsequent years. And as house prices go up every year, so will their revenue.
This is the thin edge of the wedge.
I also think it's just a matter of time before other local regions decide to implement a similar tax since "big brother" has paved the way. They can do it feeling that they're simply levelling the playing field.
While I'm not opposed to raising taxes when it's truly needed (and with the federal and provincial governments currently rolling in cash, I don't think it is), I'm more opposed to a tax which targets a specific industry/vertical such as real estate transactions.
And it's not going to help them when the real estate market cools down and transactions decrease, which will lower their revenue, too. It's a short-sighted, partial solution.
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