Are you wesly snipes? LolHomerhomer wrote: ↑It's like saying if I get robbed, so should everyone else ;-)
No, we all should work towards the goal of nobody being robbed, instead of the achievement of everyone being robbed.
Ontario Government One Step Closer to Allowing Doubling of Land Transfer Taxes
- Last Updated:
- Nov 2nd, 2015 4:05 pm
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- SCORE
- OptiPro
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- Sep 12, 2014
- 21 posts
- Richmond Hill, ON
- eonibm
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- Aug 2, 2010
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I said that tongue and cheek but realize it doesn't look that way.Homerhomer wrote: ↑It's like saying if I get robbed, so should everyone else ;-)
No, we all should work towards the goal of nobody being robbed, instead of the achievement of everyone being robbed.
- at1212b
- Deal Guru
- Mar 31, 2008
- 13010 posts
- 3095 upvotes
- Toronto
Lol, the reward for voting Liberal. I'm in Toronto, so I just hope it happens. It'll be hilarious... "Why is this happening? Why? Oh, election time".. let's elect the same group that Tax and spends!"HumansOfToronto wrote: ↑This is what we get for voting for liberals. When will people get that the liberals are the ultimate tax and spenders? They love spending hard working people's cash.
Damn you Harper for being such a terrible leader that you forced us to vote liberal.
We'll offer a 0.00011 tax rate discount to offset the new land transfer tax!licenced wrote: ↑The more press this story gets the more buyers will come out to try to beat the tax. That's how it always works. This only serves to inflate prices faster.
This for me is not the real issue for the impact on prices going forward, it's a side note.
It is that Jan 2016 is the next assessment date and since since prices have increase by as much as 50%+ since the last assessment date, will homeowners be met with sticker shock?
Several municipalities, since last year, have been talking about their own LTT, which means they need the additional funds, as does Toronto and all the rest so, despite the growth in new builds, I'm expecting municipalities to appease homeowners by saying they've lowered property tax rates because the individual property tax bill will increase exponentially when their fall 2016 tax bill arrives.
Toronto by far has the lowest property tax rates out of the bigger cities,so the argument was justifiable to some degree. The other GTAers have higher tax rates so they'll definitely have to offer some kind of carrot. Either way, it hasn't done anything to dent Toronto's market, so I figure, it won't impact the others.
- olek86
- Deal Addict
- Sep 16, 2012
- 3280 posts
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- Mississauga
A good idea especially with the older suburbs, once they run out of land, it going to be a lot harder to sustain revenues.
- daivey
- Penalty Box
- Dec 27, 2013
- 8003 posts
- 4050 upvotes
- Toronto
they need to triple the land transfer tax.at1212b wrote: ↑Lol, the reward for voting Liberal. I'm in Toronto, so I just hope it happens. It'll be hilarious... "Why is this happening? Why? Oh, election time".. let's elect the same group that Tax and spends!"
We'll offer a 0.00011 tax rate discount to offset the new land transfer tax!
Toronto by far has the lowest property tax rates out of the bigger cities,so the argument was justifiable to some degree. The other GTAers have higher tax rates so they'll definitely have to offer some kind of carrot. Either way, it hasn't done anything to dent Toronto's market, so I figure, it won't impact the others.
it wont make a dent to the market. so why not doing it.
- badass
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- Dec 24, 2007
- 1993 posts
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- Toronto
+1
Toronto has been paying this ridiculous price for years but people are still buying and bidding for houses $100-250k over asking.
If this goes through we will be seeing a buying spree with a higher house price increase and bidding wars just north of Steeles, just like in Toronto before the additional LTT went through.
Homes will be for the rich soon, and your average hard working income family will suffer by this.
Cheers!
Toronto has been paying this ridiculous price for years but people are still buying and bidding for houses $100-250k over asking.
If this goes through we will be seeing a buying spree with a higher house price increase and bidding wars just north of Steeles, just like in Toronto before the additional LTT went through.
Homes will be for the rich soon, and your average hard working income family will suffer by this.
Cheers!
eonibm wrote: ↑You can easily have a purchase done for $795+disbursements+HST in Toronto. Disbursements for the title asearch, registration of a deed and 1 mortgage, execution certificates, title insurance and office expenses add up to another $615-$715 so that's about $1,700. Then there might be fees to arrange the mortgage. Moving expenses are a wild card depends if you rent a truck yourself, get '2 Guys and a Truck' or something higher end, but I'd say you are going to spend a minimum of about $1,000 to get a have a half-decent move but likely much more.
So, on a $1M house in Toronto you are up to $32,200+$2,700= $35K absolute minimum cash out of your own pocket and that doesn't count any painting, electrical work, changing of fixtures, landscaping (everyone seems to do some or all of that) or anything else you might want to do to the place you buy when you move in.
Thread started in 2016 - 1927 fully gutted and renovated 2 storey detached home in the big T.O. - small projects still in progress.
RFD priceless!
RFD priceless!
- at1212b
- Deal Guru
- Mar 31, 2008
- 13010 posts
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- Toronto
HumansOfToronto wrote: ↑This is what we get for voting for liberals. When will people get that the liberals are the ultimate tax and spenders? They love spending hard working people's cash.
Damn you Harper for being such a terrible leader that you forced us to vote liberal.
Seriously... hey, the land transfer tax will cause our house to appreciate more! We'll now become a billionaire instead of a millionaire! And we can always borrow extra from the bank or lender.
- Homerhomer
- Deal Addict
- Feb 5, 2009
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- Newmarket
I have a hard time wrapping my head around the fact that so many of you are ok with tax grabs.
- flafson
- Deal Addict
- Oct 29, 2010
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+1Homerhomer wrote: ↑I have a hard time wrapping my head around the fact that so many of you are ok with tax grabs.
Most of the population voted those crooks into government, sadly most people are ok with tax grabs.
- insurance1
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- Dec 11, 2010
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I'm fine with extra tax, social services aren't free.
- insurance1
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Plus, if $20,000 extra is unaffordable, I'd say you probably shouldn't be buying a house in the first place.
- Motoss
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- Dec 27, 2006
- 1985 posts
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+ the free healthcare system.insurance1 wrote: ↑I'm fine with extra tax, social services aren't free.
- Homerhomer
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- Feb 5, 2009
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- Newmarket
I guess with all the income, sales, duty, excise, import, export, property, land transfer and all other taxes, fees and levies that are too many too mention one more tax really doesn't matter, they already take most of my money, little more won't make any difference.
- popbottle
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- Apr 20, 2011
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- Vancouver
Think of it this way. Every time you pay it, or the GST and not get anything for it, think of it as helping support people on welfare lolHomerhomer wrote: ↑I have a hard time wrapping my head around the fact that so many of you are ok with tax grabs.
- at1212b
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- flafson
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There is a big difference between 20k cash and 20k on top of the mortgage.insurance1 wrote: ↑Plus, if $20,000 extra is unaffordable, I'd say you probably shouldn't be buying a house in the first place.
- Redmask
- Moderator
- Aug 20, 2009
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I think you need to offer some foundation for that comment. An extra $20000.00 is a significant amount of money, not just in terms of its face value today but in terms of lost opportunity cost for principal mortgage reduction to offset interest charges.insurance1 wrote: ↑Plus, if $20,000 extra is unaffordable, I'd say you probably shouldn't be buying a house in the first place.
Speaking on a more general level I don't think someone being "make it or break it" over $20,000.00 on an already costly transaction is unreasonable, we need other many other factors to make that conclusion.
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