Toronto mayoral candidate Brad Bradford has proposed a significant decrease in the city’s land transfer tax, vowing to eliminate the fee entirely for homes priced under $1.1 million if he wins the election in October. The campaign estimates this move would cost the city $300 million but could result in savings of up to $18,000 for homebuyers.
During a news conference on Tuesday, Bradford unveiled the policy, emphasizing the burden that the tax places on individuals and families purchasing new homes. He expressed frustration with the current system, pointing out how it hinders first-time buyers. Bradford also criticized his opponent, Olivia Chow, for consistently voting against previous attempts to provide tax relief for first-time buyers.
According to Bradford’s campaign, the proposed tax cut would be retroactively applied to home purchases made between the announcement and the election. The plan would completely exempt homes sold for $1.1 million or less from the tax, while properties sold above this threshold would still be subject to taxation on the excess amount. The exemption would only apply to principal residences, excluding landlords and investment properties.
To fund this initiative, Bradford’s team anticipates reallocating funds by extending the city’s repayment timeline for infrastructure projects and establishing a public water company that could generate dividends. However, Chow criticized the plan, labeling it as financially unsound and lacking a viable funding source.
Candidate Chris Alexander expressed support for reducing the land transfer tax but emphasized the need for broader reforms within city hall before addressing this specific issue. The proposal is part of Bradford’s series of promises, including reducing water bills by 25%, establishing a public utility company, and implementing a one-year freeze on property taxes.
The upcoming mayoral election features 53 candidates, with the complete list available on the city’s official website.
