Help Stop The Mississauga Land Transfer Tax
Mississauga's City Council is considering imposing a Mississauga Land Transfer Tax in addition to the Provincial Land Transfer Tax. If approved, it will cost buyers $10,000 upfront for the average detached home for sale in Mississauga.
The Mississauga Land Transfer Tax is an inequitable form of taxation because it targets people who need to move homes: downsizing seniors, growing families, etc.
Mississauga home sales would decline as a result of the The Mississauga Land Transfer Tax. CD Howe Institute's research report states that: because of the Toronto Land Transfer Tax, home sales are 16 per cent lower than they should be. A similar effect can be expected with homes for sale in Mississauga. This would translate into lost jobs in Mississauga as a result of reduced spending on renovations, movers, furnishings, etc.
The Mississauga Land Transfer Tax would reduce Mississauga’s Competitive Advantage. A recent poll conducted by Ipsos Reid found that 75 per cent of GTA residents are more likely to move outside of Toronto and buy a home for sale in Mississauga, for example, to avoid paying Toronto's Land Transfer Tax. A Mississauga Land Transfer Tax would mean that Mississauga would lose this advantage.
Creates hardship for families.
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