Action on Affordable Housing, GTA REALTORS® Tell City
Actions speak louder than words. REALTORS® are encouraged that the
City is developing an affordable housing strategy, but recent City decisions,
especially the implementation of the Toronto Land Transfer Tax, directly contradict
this initiative, said Maureen ONeill, President of TREB.
TREB submitted its input in a detailed written submission, which raised concerns
about new and increasing City-imposed costs on home ownership including a land
transfer tax, property taxes, development charges, garbage fees, and water rates.
TREBs submission calls on the City to use the forthcoming affordable housing
strategy to reverse this trend.
All levels of government, including the City of Toronto, should do their
part to address affordable housing challenges. With the forthcoming strategy,
the City can send a strong message that it supports home buyers, said ONeill.
The proposed strategy sets specific targets for the number of households to assist in various categories.
TREB is calling on the City to increase the number of households that it is
targeting to assist with achieving home ownership.
Addressing affordable housing requires comprehensive solutions. Owning
a home is the preferred option for most people. The City can, and should, include
ambitious targets for home ownership in its affordable housing strategy,
To help achieve ambitious home-ownership targets, TREB believes that City-imposed
housing costs should be reduced.
The easiest way for the City to contribute to affordable housing solutions
is to reduce the costs that it imposes on home buyers and owners. The Toronto
Land Transfer Tax is one of the biggest costs faced by home buyers, and it should
be rolled back, said ONeill. Development charges also add costs
for homebuyers; they should be kept fair and the City should consider targeted
exemptions for affordable housing.
Toronto REALTORS® are passionate about their work. They adhere to a strict
code of ethics and share a state-ofthe-art Multiple Listing Service. Serving over
27,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canadas
largest real estate board. Greater Toronto Area open house listings are now available
All information on this site is copyright © 2003 - 2008 Toronto Real Estate Board. All rights reserved.
Although TREB endeavours to ensure the accuracy and timeliness of information, it is not guaranteed.
TREB accepts no responsibility for any loss arising from any use or reliance on the information contained herein.