Toronto city council has approved Mayor Olivia Chow’s proposal to hike land transfer taxes on the purchase of “luxury” homes worth $3 million or more.
Chow’s motion passed with a vote of 17–7 on Dec. 17.
“Those folks that are most wealthy, the wealthiest half of 1 percent, they’re doing very well,” Chow said at the Dec. 17 Toronto city council meeting. “Their stocks are doing well, so they’re not moving anywhere. They can afford it and it’s not impacting their spending habit I’ve noticed.”
Councilors opposed to the measure had raised concerns that it could negatively impact the housing market, with some saying the city shouldn’t “target” those who are already paying the highest property taxes….