Item - 2020.EX14.5

Tracking Status

  • City Council considered this item on June 29, 2020 and referred this item to an official or another committee or body. Consult the text of the decision for further information on the referral.
  • This item was considered by the Executive Committee on June 22, 2020 and adopted without amendment. It will be considered by City Council on June 29, 2020.

EX14.5 - Municipal Land Transfer Tax Rebate for First-Time Home Buyers

Decision Type:
ACTION
Status:
Referred
Wards:
All

City Council Decision

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.

Background Information (Committee)

(June 8, 2020) Revised Report from the Chief Financial Officer and Treasurer on Municipal Land Transfer Tax Rebate for First-Time Home Buyers
https://www.toronto.ca/legdocs/mmis/2020/ex/bgrd/backgroundfile-148038.pdf

Communications (Committee)

(June 16, 2020) Letter from Dave Wilkes. President and Chief Executive Officer, (BILD) Building Industry and Land Development Association (EX.Supp.EX14.5.1)
https://www.toronto.ca/legdocs/mmis/2020/ex/comm/communicationfile-103554.pdf
(June 19, 2020) Letter from Michael Collins, President, Toronto Regional Real Estate Board (EX.Supp.EX14.5.2)
https://www.toronto.ca/legdocs/mmis/2020/ex/comm/communicationfile-103644.pdf

Motions (City Council)

1 - Motion to Refer Item moved by Councillor Brad Bradford (Carried)

That City Council refer the Item to the November 17, 2020 meeting of the Budget Committee for further consideration.

EX14.5 - Municipal Land Transfer Tax Rebate for First-Time Home Buyers

Decision Type:
ACTION
Status:
Adopted
Wards:
All

Committee Recommendations

The Executive Committee recommends that:

 

1.  City Council receive the report (June 8, 2020) from the Chief Financial Officer and Treasurer for information.

Origin

(June 8, 2020) Report from the Chief Financial Officer and Treasurer

Summary

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

Background Information

(June 8, 2020) Revised Report from the Chief Financial Officer and Treasurer on Municipal Land Transfer Tax Rebate for First-Time Home Buyers
https://www.toronto.ca/legdocs/mmis/2020/ex/bgrd/backgroundfile-148038.pdf

Communications

(June 16, 2020) Letter from Dave Wilkes. President and Chief Executive Officer, (BILD) Building Industry and Land Development Association (EX.Supp.EX14.5.1)
https://www.toronto.ca/legdocs/mmis/2020/ex/comm/communicationfile-103554.pdf
(June 19, 2020) Letter from Michael Collins, President, Toronto Regional Real Estate Board (EX.Supp.EX14.5.2)
https://www.toronto.ca/legdocs/mmis/2020/ex/comm/communicationfile-103644.pdf

Motions

1 - Motion to Adopt Item moved by Mayor John Tory (Carried)
Source: Toronto City Clerk at www.toronto.ca/council