Home
 
 
 

What would you do with your $10,000?

 

The Toronto Land Transfer Tax is a serious expense for home buyers. If you’re purchasing an average-priced Toronto home , it amounts to about $7,000, payable upfront. But it rises with the price of the house, so it can be much more. For example, buyers of average priced Toronto detached homes, (which typically have higher average prices than the average price for all City housing types combined), pay more than $10,000 in Land Transfer Tax to City Hall.

Which begs the question: if you didn’t have to pay that money to City Hall when you buy a home, what would you do with it instead?

Maybe you would use it to help pay for your move or improve your new home. Perhaps, replacing those energy guzzling appliances that you inherited with your new home? Repairs that desperately need to be done? Renovations? Pay for movers and save yourself the hassle of moving your furnishings yourself?

Or, maybe, you would use it to try and improve your financial position. Perhaps, put it towards your down payment to keep your mortgage costs down? Or, invest it? Maybe save it as an emergency fund to pay for those unexpected costs that come with home ownership?

In fact, a recent poll conducted by Ipsos Reid found that 51 percent of Torontonians who recently purchased a home said that if they had not had to pay the LTT, they would have spent that money on home improvements or purchasing home furnishings and appliances. That’s spending that would have helped to create good jobs for Toronto’s economy.

So, what would you do with your $10,000 if you didn’t have to give it to City Hall? Let us know by commenting below.

 
TAKE ACTION NOW

 


 

One Response to “What would you do with your $10,000?”

  1. pwbaugh6@gmail.com 

    I would have used it to buy furniture and fix up the house, absolutely no doubt that we were tapped out though due to TLTT and we didn’t. Four years later still haven’t.

Leave a Reply

 

You must be logged in to post a comment.

 

Here is the link to this article: http://www.letsgetthisrighttoronto.ca/10000/

 

 

"...what may be driving some homebuyers to car-dependent neighbourhoods is cost..."

2012 RBC-Pembina Home Location Study
Royal Bank of Canada and The Pembina Institute

 
 
 

"Two thirds of City of Toronto residents (66%) support a plan to repeal the land transfer tax."

Mike Colledge — President, Canadian Public Affairs, Ipsos Reid, June 1, 2012

 
 
 

...taxes on the transfer of property are in a sense the ultimate antimarket and antidevelopment tax.

 

Dr. Enid Slack, Richard M. Bird, U. of Toronto & A. Tassonyi, Ryerson U. — in "A Tale of Two Taxes", 2012