Toronto land-transfer tax revenue beats expectations by $30-million despite market decline.

Original article via Globe and Mail. Click here to read.

Despite a slide in residential home prices and sales, Toronto brought in $30-million more than expected from its land-transfer tax in the first three months of the year, thanks to an unexpected boost from the commercial real estate market.

Critics have compared the city’s operating budget to a gamble on the real estate market, as Toronto has relied heavily on ballooning revenues from its land-transfer tax to balance its books every year.

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