A report from the city’s chief financial officer and treasurer presented at Monday’s executive committee meeting put forward a proposal to increase the municipal land transfer tax (MLTT) exemption amount for first-time home buyers.
When the MLTT was first implemented in 2008, first-time homeowners were exempted up to $400,000 — a little less than the average price of a residential property at the time.
With average home prices more than doubling over the past 12 years, the exemption remained the same — something the Toronto Regional Real Estate Board (TRREB) hopes the city will change.
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Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information.