Is owning your home important to you? Well, according to an Ipsos poll, around 90% who live in Toronto think owning your own home is an integral part of living the “Canadian Dream.” However, owning your home comes with property taxes. We pay provincial land transfer taxes when we buy the home and annual property taxes to our respective municipalities, for as long as we own the property.
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The City of Toronto introduced the Toronto land transfer tax to their home owners in 2006. This municipal tax is in addition to and equivalent to the existing provincial land transfer tax.
There is a proposal for introducing an additional new municipal land transfer tax in Durham Region, which would mean:
* Home ownership might become more difficult
* Delay your decision to purchase a home
* More debt to pay taxes
* Less spending money for renovations & home upgrades
* Reduce funds available for your down payment
How do you think the introduction of an additional new municipal land transfer would impact you and your finances?
The “Say No To Another Home Owner Tax – Don’t Tax My Dream” campaign launched by OREA will give you more information on how you may be effected by the new municipal land transfer tax.
Let the “MiMortgage Team” at Mortgage Intelligence help you with planning your finances. To get pre-approved apply now through our secure website or speak to one of our agents at (866) 452-1100.
