OREA recommends Land Tranfer Tax rebate to offset new HST tax.


The Ontario Real Estate Association (OREA) has

recommended that the Government of Ontario reduce

the provincial Land Transfer Tax (LTT) rate by

0.5 per cent on all property value tax brackets to help

homeowners cope with the Harmonized Sales Tax

(HST). The recommendation, which is contained in

the association’s submission to the Standing Committee

on Finance and Economic Affairs, would save the

average homebuyer almost $1600.

“The HST is going to hit homebuyers and sellers

hard,” said Pauline Aunger, President of the OREA.

“Cutting the provincial LTT rate will help offset the cost of the HST while making homeownership

more affordable for all Ontarians.”

OREA’s submission also called on the provincial government to reign in program spending and

present a plan for balanced budgets and debt repayment.

“Running large deficits that contribute to the province’s ballooning debt is bad for real estate,”

said Barb Sukkau, Chair of OREA’s Government Relations Committee. “Large provincial

deficits lead to higher interest rates which make it harder for existing and future property owners

to get financing.”

To promote community revitalization and environmental protection, OREA’s budget submission

also called on the Government of Ontario to create a new property classification for brownfields

that are under remediation.

“Too many brownfields with great development potential sit idle,” explained Phil Nanavati, Chair

of OREA’s Ontario Commercial Council. “A new property classification for brownfields will reduce

an owner’s property taxes, making their site more attractive for remediation and development.”

OREA’s final recommendation in its budget submission asked the provincial government to make

the necessary regulatory changes to the Real Estate and Business Brokers Act, 2002 to allow real

estate salespeople to incorporate.

To read a copy of OREA’s budget submission click here.

Cheers,
Real Estate Dave
(Dave Williams, Sales Representative
with Keller Williams VIP Realty, Brokerage
613-829-1818)
Cell: 613-255-1648
“Tell me something good!”
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