"I'm asking the top wealthiest two per cent of the homebuyers: 'OK, if you have enough money to buy luxury properties, then you pay a bit more,'"
"Affordability is for everybody,"
"I will continue to advocate for practical common sense proposals. She will continue to do the things she's been doing the past couple years. And in 314 days, Torontonians will have an opportunity to decide on the future of the city."
Toronto city council voted 17 to 7 to raise the municipal land transfer tax on homes sold for more than $3 million, with the increase effective April 2026. City staff estimated the change will produce $13.8 million in additional revenue next year. The municipal land transfer tax for multimillion-dollar properties was previously increased in 2023. Mayor Olivia Chow framed the move as targeting the top two percent of homebuyers so luxury buyers pay more. Some councillors expressed concern about rising costs and the possibility wealthy buyers relocating to nearby municipalities. Coun. Brad Bradford said he will continue to advocate alternative proposals and noted the upcoming municipal election.
Read at www.cbc.ca
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