Due to the tremendous response on the part of thousands of people across the province the Government of Ontario has decided that it will not extend the municipal land transfer tax beyond the City of Toronto.

The proposed tax was one of many potential income generating ideas on the table and under consideration. That news came out of discussions the province was having with cities about how to increase their revenues and help them handle the costs of social services in late October.

If high house prices, provincial land transfer tax and mortgage insurance premiums don’t already make the cost of buying a home an eye-watering experience, the proposed tax would have added an estimated $18,000.00 in tax to the purchase of an average 4 bedroom detached home in Oakville.