Did you know that land transfer taxes will increase by almost 40% for homes valued over $3,000,000 starting on Jan 1, 2024? Some might say it’s outrageous and ridiculous, especially considering that the average detached Toronto home is valued at approximately $1,500,000.
Surely, the 1% can easily afford this so-called luxury tax. This could never percolate down to us, the hard-working proletariat. As Yoda used to say, “Feel the Force Around You.” Will that Force be light or dark for all those who have been spared?