People outside of Toronto can breath a sigh of relief. There will be no municipal land transfer tax added to the already ridiculous provincial land transfer tax already in effect.

Municipal Affairs Minister Ted McMeekin announced the Liberal government would not allow towns and cities to impose their own land transfer tax on top of the province’s. He said that “No One Was Asking for a Municipal Land transfer tax”.

This is great news for territory outside of Toronto because it has been claimed the municipal land transfer tax has already cost Toronto up to $2.3 billion in lost economic activity and 15,000 jobs, but there are no indications it has cooled down the city’s real estate market.

“We are currently reviewing that feedback and can tell you there has been no call, at all, for a municipal land transfer tax, nor is there any legislation before the house that would allow this,” he said. “Let me be clear: there will be no extension of the ability to have a land transfer tax to any municipality (outside Toronto).”

OREA the Ontario Real Estate Association said that this was a “huge win” for people who dream of buying Real Estate.

Although many sources have said that this is the end, it is hard to say whether or not those millions of easy cash grab dollars will not be up for debate again.

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