The price of real estate could be set to rise province wide.
According to the Toronto Sun, the Liberal government may be set to give all municipalities the right to set the amount of municipal land transfer tax you are required to pay when buying a new property.
Currently, only the city of Toronto is allowed to levy its own MLTT.
Buyers in the city pay double the tax than those out side the municipality, shelling out 4% of the purchase price, with half going to the province and half going to the city.
The Ontario Real Estate Association is warning against the move saying that if all municipalities province wide were allowed to set their own tax rates, it will result is lost economic activity and lost jobs with the association accusing the Wynne Liberals of breaking an election promise.
They say that a letter received last year during the election said that Liberals “had no plans” to extend these powers beyond Toronto.