Ahead of a possible early provincial election, Ontario Liberal leader Bonnie Crombie has outlined her party’s plan to tackle housing costs.
The Liberals are promising that, if elected, first-time homebuyers, seniors planning to downsize, and non-profit home builders would all be exempt from paying the provincial Land Transfer Tax (LTT).
Currently, the province offers refunds of $4,000 on the tax for first-time home buyers purchasing houses over $368,000.
Crombie’s proposed policy to eliminate Ontario’s LTT would save first-time and senior home buyers an additional $12,400 on the cost of a $1 million home.
“Doug Ford just doesn’t care about getting you a home you can afford,” Crombie said in a release Wednesday. “He’s had six years to fix this disaster, and things have only gotten worse.”
The City of Toronto has a separate Municipal Land Transfer Tax that would not be covered by Crombie’s proposal.
The Liberal plan would also scrap development charges on new “middle-class housing” in the province and set up a fund for municipalities to cover infrastructure coasts.
Promises to “phase-in” rent control and create an emergency support fund for tenants were also part of the affordable housing policy announced by the party.