Eric | Jan. 18, 2016
We’re excited to share some great news that was announced earlier last month! REALTORS® in the Kitchener Waterloo Region have helped to stop the implementation of a Municipal Land Transfer Tax (MLTT), with the Minister of Municipal Affairs, Ted McMeekin, announcing during question period on December 1, 2015 that the Liberal government would not be allowing towns and cities the ability to impose their own MLTT.
Toronto introduced the MLTT in February 2008, which approximately doubled the total cost of the Land Transfer Tax. With the average home price in Kitchener Waterloo at about $400,000, avoiding this tax saves homeowners approximately $4000 per transaction and helps to keep our real estate market strong.