Yahoo Canada
Toronto is one step closer to making luxury homebuyers pay more in land transfer taxes after a city council committee endorsed the mayor's plan for a hike beginning in April 2026.
At its meeting Tuesday, the executive committee voted in favour of an increase in the municipal land transfer tax (MLTT) on houses valued at more than $3 million to more than $20 million.
The proposed rates would rise gradually as the value of homes increases, according to the mayor's motion. Toronto last approved an increase in municipal land transfer tax rates for multimillion dollar properties in 2023.
Advertisement
Advertisement
Advertisement
Advertisement
Mayor Olivia Chow told reporters at a news conference before the vote that people who can afford luxury homes can afford to pay more in tax. She sai
National Post
The Daily Beast