“Olivia Chow will make homes less affordable and push the dream of home ownership out of reach for young residents and families looking to build their lives in the city." — Mark Saunders
Toronto – Today, Mark Saunders put forward a transformative plan to keep the dream of home ownership alive for families looking to buy their first home.
Olivia Chow’s plan is to increase property tax by at least 25%. That means an extra $2000 dollars per year on the average home price. We know 25% is her minimum, we don’t know what her maximum tax increase will be because she won’t tell us.
Mark Saunders will make life, and homeownership more affordable.
By waiving the municipal land transfer tax (MLTT) on property sales with a closing cost of $1.3 million or less for first-time homebuyers, this plan will massively reduce the government fees that buyers face. For the current average purchase price in the City, this policy will save first-time homebuyers approximately $22,500.
Homebuyers in Toronto are already on the hook for one of the highest land transfer taxes and Olivia Chow will continue to treat land transfer taxes as a cash-grab. This isn’t a secret. It’s the same way she will approach all of the City’s finances.
“We need to do everything we can to keep our young residents and families from leaving Toronto because they think home ownership is out of reach for them,” Saunders said. “I want first-time homebuyers to be able to call Toronto home. We need to build our City for generations to come.”
Also, Olivia Chow will defund the police and decriminalize drugs.