Council Approves Chow’s Hike on Land Transfer Tax for ‘Luxury’ Homes

Toronto City Council Approves Land Transfer Tax Increase for ‘Luxury’ Homes

Toronto city council has approved Mayor Olivia Chow’s proposal to hike land transfer taxes on the purchase of “luxury” homes worth $3 million or more. Chow’s motion passed with a vote of 17–7 on Dec. 17. “Those folks that are most wealthy, the wealthiest half of 1 percent, they’re doing very well,” Chow said at the Dec. 17 Toronto city council meeting. “Their stocks are doing well, so they’re not moving anywhere. They can afford it and it’s not …

‘They are the wealthiest of the wealthiest,’ Toronto approves higher land transfer taxes for luxury homebuyers - NOW Toronto

Toronto has just approved an increase in transfer taxes for "luxury" home sales, and Olivia Chow says it will have a significant impact.

Toronto city council approves hike in land transfer tax for luxury homebuyers

Toronto city council has approved a hike in land transfer tax on houses that sell for more than $3 million starting next year.

Council approves Chow’s hike on land transfer tax for ‘luxury’ homes

Toronto City Council has passed a motion to hike the land transfer tax on home sales above $3 million as the city looks for additional revenue.