Making life more affordable for families by asking luxury-home buyers to chip in more

The Public Gallery wrote no story on this item. What follows is the city’s own record of what happened to it, as filed: nothing on this page is summarised or scored by us.

The decision

2025-12-16 · Toronto City Council · amended

As filed

City Council on December 16 and 17, 2025, adopted the following: 1. City Council revise the graduated Municipal Land Transfer Tax rates for high value residential properties containing at least one, and not more than two, single family residences, by amending the thresholds as follows: Value of Consideration Revised Rate Over $3,000,000 and up to $4,000,000 4.40 percent Over $4,000,000 and up to $5,000,000 5.45 percent Over $5,000,000 and up to $10,000,000 6.50 percent Over $10,000,000 and up to $20,000,000 7.55 percent Over $20,000,000 8.60 percent 2.

Show the rest of As filed, 1,516 more characters as filed

City Council direct the Chief Financial Officer and Treasurer to implement graduated Municipal Land Transfer Tax rates effective for all transactions registered or upon which Municipal Land Transfer Tax otherwise becomes payable on or after April 1, 2026. 3. City Council amend City of Toronto Municipal Code Chapter 760, Municipal Land Transfer Tax, to reflect the changes detailed above. 4. City Council authorize the Chief Financial Officer and Treasurer to amend the City's Collection Agreement with Teranet to allow Teranet to collect the Municipal Land Transfer Tax in accordance with these changes. 5. City Council request the Chief Financial Officer and Treasurer to review the First Time Homebuyers Rebate Program and consider options to improve the program, including necessary offsets, in the budget process. 6. City Council request the Chief Financial Officer and Treasurer to report back to City Council with options to rescind the increases to the Municipal Land Transfer Tax outlined in Part 1 above, at such time that the City successfully negotiates a new deal that addresses and mitigates the structural deficit within the operational budget. 7. City Council request the Mayor to consider allocating all the revenue from the Municipal Land Transfer Tax increase to transit and housing that benefits Torontonians. 8. City Council request the Province of Ontario to provide the City of Toronto a percentage of the Harmonized Sales Tax to lessen the City's reliance on the municipal land transfer tax.

The vote

Adopt Item as Amended · Carried, 17-7

For (17)Alejandra Bravo, Amber Morley, Ausma Malik, Chris Moise, Dianne Saxe, Frances Nunziata, Gord Perks, Jamaal Myers, Josh Matlow, Michael Thompson, Mike Colle, Neethan Shan, Nick Mantas, Olivia Chow, Parthi Kandavel, Paul Ainslie, Paula Fletcher

Against (7)Brad Bradford, James Pasternak, Jon Burnside, Lily Cheng, Rachel Chernos Lin, Stephen Holyday, Vincent Crisanti

Absent (2)Anthony Perruzza, Shelley Carroll

The whole record, all 26 members

Every name opens that member’s record.

On the agenda

As the city filed it

The City can play a role in saving families money. Together, we've made choices that help, like saving families $1,200 on grocery bills through the school food program and not raising TTC fares for three years running. That's in addition to building more affordable rental homes, and creating more free spaces - like library Sunday hours and more recreation for youth. We've already taken steps in this direction. When I first arrived in 2023, I ask people buying luxury homes to chip in a little more.

Show the rest of As the city filed it, 889 more characters as filed

It was designed as new graduated rates on the MLTT for high-priced homes. In 2024, it impacted only 2% of home-buyers and brought in $138 million in revenue, taking pressure off working and middle class families. That's revenue that keeps our city running. It's clear that the impact of our current economic uncertainty is not being evenly felt across our City. Many people are at risk of losing their jobs and finding it harder to make ends meet. Some continue to do very well. I'm asking the 2% of buyers purchasing luxury homes far beyond what average Torontonians can afford to chip in more. Those who can afford five or ten million dollar homes can afford to pay their fair share. This motion raises the cost to buy Luxury Homes incrementally - between 0.9% and 1.1% on the graduated rates listed below - to shift the cost of funding our city towards those who can afford it the most.

Staff recommended

Mayor Olivia Chow recommends that: 1. City Council revise the graduated Municipal Land Transfer Tax (MLTT) rates for high value residential properties containing at least one, and not more than two, single family residences, by amending the thresholds as follows: Value of Consideration Revised Rate Over $3,000,000 and up to $4,000,000 4.40 percent Over $4,000,000 and up to $5,000,000 5.45 percent Over $5,000,000 and up to $10,000,000 6.50 percent Over $10,000,000 and up to $20,000,000 7.55 percent Over $20,000,000 8.60 percent 2.

Show the rest of Staff recommended, 604 more characters as filed

Considered

2025-12-09 · Executive Committee · adopted
Decision as filed
The Executive Committee recommends that: 1. City Council revise the graduated Municipal Land Transfer Tax rates for high value residential properties containing at least one, and not more than two, single family residences, by amending the thresholds as follows: Value of Consideration Revised Rate Over $3,000,000 and up to $4,000,000 4.40 percent Over $4,000,000 and up to $5,000,000 5.45 percent Over $5,000,000 and up to $10,000,000 6.50 percent Over $10,000,000 and up to $20,000,000 7.55 percent Over $20,000,000 8.60 percent 2.
Show the rest of Decision as filed, 604 more characters as filed
City Council direct the Chief Financial Officer and Treasurer to implement graduated Municipal Land Transfer Tax rates effective for all transactions registered or upon which Municipal Land Transfer Tax otherwise becomes payable on or after April 1, 2026. 3. City Council amend City of Toronto Municipal Code Chapter 760, Municipal Land Transfer Tax to reflect the changes detailed above. 4. City Council authorize the Chief Financial Officer and Treasurer to amend the City's Collection Agreement with Teranet to allow Teranet to collect the Municipal Land Transfer Tax in accordance with these changes.
2025-12-16 · Toronto City Council · amended

On the record

The item as the City filed it

More from this meeting

The whole meeting