As reported in our last newsletter, the Ontario Municipal Board was considering the possibility of allowing the municipalities to add a tax on top of the Ontario Land Transfer Tax. This practice is currently allowed only in the City of Toronto. Shortly after the article was published, the OMB announced that it would not allow municipalities, including the City of Mississauga, to add any surcharge to the current Land Transfer Tax paid by a home buyer.
This is good news for buyers and sellers and will keep Mississauga properties more attractive to those willing to move a block west of the Etobicoke border, in order to save from $6.00 - 16,000 on the cost of the Land Transfer fees.
This is good news for buyers and sellers and will keep Mississauga properties more attractive to those willing to move a block west of the Etobicoke border, in order to save from $6.00 - 16,000 on the cost of the Land Transfer fees.
This article was originally published in the Spring 2016 issue of the Rockwood Homeowners' Association quarterly newsletter, The Rockwood Times.