Municipal Land Transfer Tax Rebate for First-Time Home Buyers

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The decision

2020-11-23 · Budget Committee · amended

As filed

The Budget Committee recommends that: 1. The Executive Committee receive the report (June 8, 2020) from the Chief Financial Officer and Treasurer for information.

On the agenda

As the city filed it

City Council on June 29 and 30, 2020, referred Item EX14.5 to the November 17, 2020 meeting of the Budget Committee for further consideration. City Council directed the Chief Financial Officer and Treasurer to report to the April 1, 2020 City Council Meeting on opportunities to provide First-Time Home Buyer with greater relief from the Municipal Land Transfer Tax. This includes the maximum price eligibility threshold of $400,000 to reflect increased home prices in Toronto.

Show the rest of As the city filed it, 67 more characters as filed

The rebate offsets the tax on up to $400,000 of the purchase price.

Staff recommended

The Executive Committee recommends that: 1. City Council receive the report (June 8, 2020) from the Chief Financial Officer and Treasurer for information.

On the record

The item as the City filed it