High-end home tax will force out Toronto talent, warns real estate CEO.

Original article via The Star. Click here to read.

The luxury and vacant home taxes recently proposed by Toronto city councillors wouldn’t crush the local real estate market the way similar taxes did in Vancouver, but piling on more fees would erode the city’s ability to attract talent from other places, says the head of Sotheby’s International Realty Canada.

“I don’t think taxing is the right way to go. We’re already paying more tax than people pay in other countries,” said CEO Don Kottick. “If you keep taxing we’re going to become anti-competitive.”

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