Making the city affordable for youths and seniors

 

 

• Freeze property tax for seniors who live in houses with no income. Over the past two decades, the housing market has inflated significantly and so has property Tax. This has become a burden to seniors who do not have extra income. A lot of seniors whose homes are over $1M are worried and plan to sell the house which has sentimental values.

 

•  First time home buyer's Land Transfer Tax benefit extend to $5000,000. Currently, Government of Ontario refunds first time home buyers up to $368,000 and Max of $4,000. I want to wave the first-time home buyer's Land transfer tax up to $450,000. I would like to propose $500,000 and max of $6,000 to help buying houses in Toronto. Either through city subsidies for the extra $2000 or splitting the difference with provincial government.