Here is yet another excuse to charge us more money for nothing. This is another example of the government charging money just because they can. Why is it that we have to pay a large sum of money just to change the name of ownership on a property?
This change isn’t finalized yet, it still has to go through a final stage of approval but it looks like it’s probably going to happen. The land transfer tax is being raised from 1% to 2% which doesn’t sound like a lot but on the price tag of something like a house it’s huge. 2% means that on a $400,000 house you will pay $8000 just to put the house in your name.
Since Johnny and I are looking for a home, we will be focusing on homes in Mississauga instead of Toronto for this reason and I’m guessing other people will be doing the same. I would guess that it will not have a positive effect of Toronto’s economy. We’ll see what happens.
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I agree, it’s a ridiculous tax
Just be lucky you’re not in Melbourne (Aus) – stamp duty in Victoria is $2560 plus 6 per cent of any value over $115000…. ouch.