Brad Bradford pledges to waive some land transfer tax
· Toronto Sun
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Hot on the heels of an endorsement from Rush’s Geddy Lee , Toronto mayoral candidate Brad Bradford says he will waive the municipal land transfer tax on the first $1.1 million of the value of homes bought in the city.
Bradford said that, along with the move that could save homebuyers $18,000, he wants to expand the first-time home buyers rebate in the city, CP24 reported. Currently, that rebate can only be applied to the first $400,000 of the purchase price of the home, but Bradford says he would expand it to the previous year’s average home sale price, which would then move with the market after every year. The average selling price of a home in Toronto was nearly $1 million in August, according to Toronto Regional Real Estate Board data .
“The first-time buyer rebate was set at $400,000 in 2008 and hasn’t been touched since. Back then it covered most homes in the city. Today it fully exempts only 2.6 per cent of them. Bradford’s plan takes that from 2.6 per cent of homes to as many as two thirds,” Bradford’s campaign said in a statement.
Not for landlords though
Bradford said the tax break wouldn’t come into effect for landlords or investors who have more than one property in the city, representing about 29% of purchases, adding that tax rates on property values above $1.1 million and $3 million would remain.
And how will you be paying today, sir?
Bradford said a plan to make Toronto Water a public utility would partly finance the plan.
“We think that the municipal water utility, publicly owned, will produce a dividend. So part of that dividend would go to offset this,” he said, adding he wouldn’t cut any city service to pay for the plan.
Bradford also said changes to pay for capital projects over their useful life instead of from current operating budgets would help recoup costs. In 2025, the city netted $805 million in land transfer tax revenue. This year, it stands to make $850 million.
Chow targets seniors’ votes
Incumbent Olivia Chow says Bradford’s numbers don’t add up, and says he’ll have to cut services to do it.
“Councillor Bradford will say anything during election time, and finding those multi-million dollars of funding means that service has to be cut. I will not slash public services people rely on,” she said. ” I am focusing on making life more affordable, and certainly making life so much more healthier and connected for seniors and living well-that’s my focus.”
Chow then unveiled her plan for seniors, pledging free housekeeping services for 5,000 seniors, such as cleaning, making meals and laundry. She then promised the expansion of mobile dental clinics and mobile care clinics, saying such a program can help 8,000 seniors living at home.