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Is the Land Transfer Tax driving away home buyers to the suburbs?
A recent poll suggests that 75% of potential home buyers are likely to purchase outside of Toronto. Is the Land Transfer Tax to blame or is it simply because the price tag of buying a home in the city is unattainable when contrasting average income earning families and the cost of the average home in Toronto.
According to recent 2012 statistics, the average cost of a single family Toronto house now exceeds just over $600,000, whereas home prices in the suburbs have remained relatively stagnant. One item to note is the poll is slightly skewed, as the pool of poll-ers also includes those who already reside in the ‘burbs.
Despite these high costs and imposing taxes of living in the city, there doesn’t seem to be any slowing down in the Toronto Real Estate market, as we continue to see buyers and investors alike willing to fork up the costs of being associated to the urbanization of our city. Living in the city is not entirely unattainable, as the rise in condominium development continues to increase, we see urban dwellings being offered at much lower prices than the average cost of a house in Toronto.
We may be seeing a shift in trend where families may be opting out, but young single professionals and first time home buyers, who are exempt from the tax, are moving into Toronto’s growing urban jungle.
