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But exactly how long it will take remains a hot topic.
Ford told the Toronto Real Estate Board’s annual general meeting earlier this month the decision may have to wait until after next year’s provincial election.
“You have to work with the provincial government to eliminate the land transfer tax and the provincial government will be shut down starting probably in April or May,” he told CityNews after the meeting. “So anything that has to be filtered through the provincial government might be delayed.”
TREB spokesperson Von Palmer said late Thursday night Toronto doesn’t necessarily have to filter it through the provincial government. It can impose the tax – and remove it – without any provincial amendments under the City of Toronto Act. But he confirmed Ford could be planning to ask the province to amend the actual act itself, thereby preventing a future mayor from ever re-introducing the Land Transfer Tax.
Ford could also make the decision to repeal the tax retroactive. “This could be a helpful move especially if there is repeal of the tax to minimize any impact on the market,” Palmer explained.
Political observers say Ontario Premier Dalton McGuinty may also be more motivated to help remove the tax after this week’s municipal elections. Voters seemed to endorse change in Ford’s overwhelming victory, and Liberals fear that could spill over into next year’s provincial election.
The longer the decision takes, the more money adds up in city bank accounts. Officials confirmed the Land Transfer Tax brought in $183 million for Toronto in 2009.
The tax adds about $3,725 to the cost of a $400,000 home in Toronto.
What are your feelings about Rob Ford setting his sights on the land transfer tax - was it an empty election promise or will this change be coming before you know it?
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