More Torontonians (68%, Up 3 Pts.) Support Plans to Eliminate the Toronto Land Transfer Tax In Comparison to This Time Last Year (65%)

Toronto, ON - Torontonians are becoming increasingly supportive of eliminating the city's Land Transfer Tax (LTT), according to a new poll conducted by Ipsos Reid on behalf of the Toronto Real Estate Board. Seven in ten (68%) Torontonians `support' (34% strongly/34% somewhat) the plan to eliminate Toronto's Land Transfer Tax, revealing an increase of 3 pts. compared to this time last year. Only one-third (32%) `oppose' (13% strongly/20% somewhat) repealing the LTT, which is down 3 points since last November.

With plans to repeal the Land Transfer Tax a major priority of Rob Ford's mayoral campaign, there has been discussion if such plans will proceed if Rob Ford does not finish out his term in office. Regardless of whom the next Mayor happens to be, seven in ten (71%) Torontonians `support' (36% strongly/35% somewhat) the new Mayor and City Council to move forward with a plan to repeal Toronto's Land Transfer Tax, while only three in ten (29%) `oppose' (12% strongly/17% somewhat) the next Mayor, whether it is Rob Ford or not, and City Council moving forward with repealing the LTT.

While a majority of Torontonians would like the Land Transfer Tax repealed, those who've recently paid the tax feel they've haven't received adequate value for the amount of tax they've paid. Only one-quarter (24%) of Torontonians who've recently purchases a home in the city and paid the Land Transfer Tax believe they've received `a lot' (5%) or `some' added value or improvement in the municipal services the city provides. Three-quarters (76%), however, believe they've received `little' (22%) or `no added value' in improvement of the services the city provides. Interestingly, those who say they've received `a lot of added value' has decreased by half (from 10%) since April, while those who say they've received `no added value' has risen to a majority from a minority (46%) earlier this year.

While the majority of Torontonians who want the LTT repealed likely feel the same way, another reason why recent homebuyers in the City of Toronto who've paid the LTT might want the tax repealed is because they could use money that would go towards paying the tax for other things. Six in ten (59%) say they would have used this money to reduce their required mortgage (59%), while four in ten (39%) would have used it for retirement or other savings. One-quarter (25%) would have used this money to purchase furnishings or appliances for their home, while two in ten (21%) would have put this money towards home renovations. 3% would have used this money for some other purpose.

Potential Impact of LTT on the Region's Housing Market

The impact of the LTT on the GTA's housing market could see many prospective homebuyers looks elsewhere rather than in the city due to not wanting to pay the tax. Of GTA residents who are at least somewhat likely to purchase a home in the next two years, a strong majority (77%) would consider purchasing a home outside the city due to the Land Transfer Tax. Four in ten (42%) GTA residents likely to purchase a home in the 416 or 905 region are `much more likely' to consider purchasing a home outside of the City of Toronto, while another four in ten (35%) are `somewhat more likely' to do so. Just two in ten (22%) of prospective homebuyers in the GTA are `not at all more likely to consider purchasing a home outside of Toronto' because of the Land Transfer Tax.

Even if such a land transfer tax were implemented in their area that was specifically dedicated towards funding transit and infrastructure, seven in ten (72%) GTA residents would `oppose' (3% strongly/29% somewhat) such a tax. Only three in ten (28%) residents of the GTA would `support' (7% strongly/21% somewhat) a land transfer tax in their area dedicated specifically to funding transit and infrastructure.

These are some of the findings of two Ipsos Reid polls conducted between November 24th to 29th and November 29th to December 6th, 2012 on behalf of the Toronto Real Estate Board. For these surveys, samples of 1,112 residents of the GTA region and 521 residents of the City of Toronto from Ipsos' Canadian online panel were interviewed online. Weighting was then employed to balance demographics to ensure that the sample's composition reflects that of the adult population according to Census data and to provide results approximate the sample universe. The precision of Ipsos online polls are measured using a credibility interval. In this case, the polls are accurate to within +/- 3.4 percentage points of all residents in the GTA region and +/- 4.9 percentage points for all residents of the City of Toronto. The credibility interval will be larger for sub-groupings of this population. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.

For more information on this news release, please contact:

Sean Simpson
Associate Vice President
Ipsos Reid Public Affairs
416.572.4474
[email protected]

About Ipsos Reid

Ipsos Reid is Canada's market intelligence leader, the country's leading provider of public opinion research, and research partner for loyalty and forecasting and modelling insights. With operations in eight cities, Ipsos Reid employs more than 600 research professionals and support staff in Canada. The company has the biggest network of telephone call centres in the country, as well as the largest pre-recruited household and online panels. Ipsos Reid's marketing research and public affairs practices offer the premier suite of research vehicles in Canada, all of which provide clients with actionable and relevant information. Staffed with seasoned research consultants with extensive industry-specific backgrounds, Ipsos Reid offers syndicated information or custom solutions across key sectors of the Canadian economy, including consumer packaged goods, financial services, automotive, retail, and technology & telecommunications. Ipsos Reid is an Ipsos company, a leading global survey-based market research group.

To learn more, please visit www.ipsos.ca.

About Ipsos

Ipsos is an independent market research company controlled and managed by research professionals. Founded in France in 1975, Ipsos has grown into a worldwide research group with a strong presence in all key markets. In October 2011 Ipsos completed the acquisition of Synovate. The combination forms the world's third largest market research company.

With offices in 84 countries, Ipsos delivers insightful expertise across six research specializations: advertising, customer loyalty, marketing, media, public affairs research, and survey management.

Ipsos researchers assess market potential and interpret market trends. They develop and build brands. They help clients build long-term relationships with their customers. They test advertising and study audience responses to various media and they measure public opinion around the globe.

Ipsos has been listed on the Paris Stock Exchange since 1999 and generated global revenues of e1,363 billion (1.897 billion USD) in 2011.

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