Seven in Ten (69%) Torontonians Support Phasing-Out the Toronto Land Transfer Tax (Up Four Points from May)
Seven in ten (69%) Torontonians `support' (21% strongly/48% somewhat) gradually phasing-out the LTT by a pre-determined percentage each year instead of all at once, while just three in ten (31%) `oppose' (11% strongly/20% somewhat) this phase-out. This proportion of Torontonians supportive of this phasing-out process is up four points from May (65%).
The data also shows that a sizeable portion of recent homebuyers in the city had to pay at least some level of land transfer tax with their new home purchase.
Four in ten (40%) Torontonians that purchased a home in the city within the last three years paid the full amount of the LTT, as they did not qualify as first-time buyers, while more than one in ten (14%) qualified as first-time buyers, but paid some LTT because the amount owing was over the maximum allowed. One in three (32%) received an exemption from the LTT because they qualified as first-time buyers, while one in five (15%) don't know if they qualified for a full exemption as a first-time buyer. Interestingly, three in ten (30%) recent first-time home buyers had to pay some LTT due to owning more than the maximum allowed.
Among City residents considering purchasing a home in the next two years, most (72%) indicate that the LTT makes them at least somewhat more likely to consider purchasing a home outside of the City, in nearby municipalities, where there is no municipal land transfer tax. Three in ten (26%) would be much more likely to consider purchasing a home outside of Toronto, while half (46%) would be somewhat more likely to consider looking outside the city for their new home purchase. Just three in ten (28%) indicate that they're not at all likely to consider purchasing a new home outside of Toronto.
These are some of the findings of an Ipsos Reid poll conducted between October 30th to November 4th, 2013 on behalf of the Toronto Real Estate Board. For this survey, a sample of 600 Torontonians from Ipsos' Canadian online panel was 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 intended to approximate the sample universe. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within +/- 4.6 percentage points had all Canadians adults been polled. 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
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 85 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 e1,789 billion (2.300 billion USD) in 2012.
