Toronto Regional Real Estate Board (TRREB) president Kevin Crigger is not a fan of a potential hike in land transfer tax — and makes strong arguments to support his case.

In a presentation yesterday to Mayor Tory and the City’s Executive Committee, Crigger highlighted how an increase in land transfer tax would hurt housing affordability at an already fragile time and worsen supply challenges.

“Given that the average detached house price in Toronto was $1.5 million in 2020, the tax will predominately target homeowners who aren’t ‘uber rich,’ the Toronto Real Estate Board’s @kevin_crigger told the committee,” said TRREB in a tweet earlier today.

While there was discussion as of late as to whether or not the City would impose a land transfer tax on properties valued at $2M or more, a study published by the C.D. Howe Institute earlier this week suggested that doing so could have detrimental consequences on the broader economy. And Crigger agrees.

In his report, Crigger acknowledges that TRREB understands and appreciates the budgetary challenges faced by the City of Toronto. However, he made himself clear that hiking land transfer tax was not the way to go.

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