Grey Bruce Realtors Oppose New Home Sales Tax

A local Realtor’s group suggests a second land transfer tax, similar to one imposed in Toronto, would send home buyers elsewhere.

The Realtors Association of Grey Bruce Owen Sound says a municipal land transfer tax would hurt the local economy, add to household debt, and push the home ownership dream further out of reach.

The province allowed the city of toronto to implement a new municipal land transfer tax, on top of the existing provincial land transfer tax. .

And local realtors association president Michael McIntee says that decision has cost 2.3 billion dollars in economic activity, due to over 38-hundred fewer home sales.

McIntee says its important for local residents to ensure their municipalities don’t make a similar mistake.

He says the extra tax would delay home purchases, or send potential buyers to other markets.