The Toronto Real Estate Board is concerned about the City of Toronto's continued reliance on the Municipal Land Transfer Tax (MLTT) revenue to balance its budget. TREB's concern is validated by the recent City Finance Department update, being reviewed by City Council on December 13, 2018, showing revenue from the LTT $100 million lower than expected. This will be an ongoing challenge and concern for the City's finances and steps should be taken now to reduce that dependency, notwithstanding that the current overall City budget is expected to see a year-end surplus