Councillor Josh Matlow

Newstalk 1010: Matlow Declares Land Transfer Tax Won’t Be Scrapped

January 22, 2012

A bold statement on the weekend edition of The City from Newstalk 1010 show host and councillor Josh Matlow.

After surveying some councillors from the so-called “mighty middle” at city hall on the future of the land transfer tax, Matlow declared Mayor Rob Ford will not be able to scrap it as planned.

Matlow had on other councillors that fall in the middle of the political spectrum, bolstered by their ability to take proposed cuts off the table during budget talks last week.

“If you remove (the tax) you could have an overheated real-estate market,” says Councillor James Pasternak. “Which invariably leads to a bubble and a burst.”

Councillor Gloria Lindsay Luby also wants to keep the tax.

“I disagree with (Ford). That (scrapping the tax) was a campaign promise he made principally to the the real estate board. That’s the only peopleI hear who are opposed to this land transfer tax, are realtors.”

“I don’t think all of us like it,” says Matlow. “I for one, don’t like it, but I also recognize we can’t hastily get rid of it until we know how we are going to replace it.”

Ford is planning on reducing the tax in 2012 and eliminating it by the end of his term as mayor.

The Toronto Real Estate Board says the tax costs the average home buyer an extra $6000 dollars everytime they move.

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