Ford plans to cut land-transfer tax annually

Mayoral candidate vows to make 15-per cent cuts to municipal land transfer tax every year for four years

Doug Ford said he’s planning to make a 15 per cent cut to the land-transfer tax every year for four years if he is elected as mayor on Oct. 27.

Ford gave a press conference after a meeting with the Toronto Real Estate Board on Wednesday morning. He said the Municipal Land Transfer Tax is hurting the housing market and affecting Torontonians who don’t have enough to pay for it.

“The tax brought in $350 million in 2013,” he said. “It hurts people when they can’t afford it.”

Ford cited a report saying that the land-transfer tax has resulted in the loss of $2.3 billion in economic activity and a loss of 38,000 in home transactions.

He said he’s relocating the savings the cut will make to contract out garbage collectors east of Yonge Street.