BIG NEWS! Toronto Luxury Home Tax kicks in Jan 1, 2024.

Breaking News via http://RealEstateWealthReport.com. "At a special meeting, city council passed measures to increase municipal land transfer tax rates for homes valued at $3 million or higher and to remove the cap on $5/hour street parking. The land transfer tax increase for luxury homes is set to take effect Jan. 1, 2024." This is in addition to both the Ontario and Toronto land transfer taxes. 3.5% tax for homes $3 million up to $4 million 4.5 % tax for homes $4 million up to $5 million 5.5% tax for homes $5 million up to $10 million 6.5% tax for homes $10 million up to $20 million 7.5% tax for homes more than $20 million #TorontoRealEstate #LuxuryRealEstate #TorontoHomes #TorontoCondos #Torontolofts --- Send in a voice message: https://podcasters.spotify.com/pod/show/torontorealestate/message