24 May 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.