Two-Thirds (65%) of Torontonians Support Plans to Eliminate the Toronto Land Transfer Tax

Toronto, ON - With the City of Toronto's Executive Committee scheduled to review a City staff report on options for phasing out the Toronto Land Transfer Tax (LTT) in the upcoming weeks, support for the removal of this tax continues to achieve high public support, according to a new Ipsos Reid survey conducted on behalf of the Toronto Real Estate Board (TREB).

Two in three (65%, down 3 points from November 2012) Toronto residents `support' (30% strongly/35% somewhat) plans to eliminate the Toronto Land Transfer Tax, while one in three (35%, up 3 points) `oppose' (15% strongly/19% somewhat) a plan to repeal the tax.

A potential option for this repeal focuses on a gradual phasing out of the region's LTT by a pre-determined percentage each year. A similar proportion (65%) of Torontonians `support' (18% strongly/48% somewhat) this option. One in three (35%), however, `oppose' (14% strongly/20% somewhat) it.

No Value for Money...

Likely contributing to the desire for a repeal of Toronto's LTT is that many who have paid the tax don't feel that they are getting any `bang for their buck' from the tax.

Nine in ten (90%, up 14 points) Torontonians who've purchased a home in the City within the last three years and paid the full LTT amount say they received little (17%) to no (73%) added value in municipal services for the amount of Land Transfer Tax they paid to the City. Just one in ten (10%) City residents indicate that they received some (3%) or a lot (7%) of added value in these services for the amount of tax they paid.

Prospective Buyers Looking Elsewhere Due to LTT

The data also reveal that prospective homebuyers in the region looking at buying in the City or the surrounding GTA might be looking elsewhere, specifically because of the Land Transfer Tax.

Three in four (74%) of Torontonians likely to purchase a home in the City of Toronto or the surrounding 905 region indicate being either `much more likely' (28%) or `somewhat more likely' (47%) to consider purchasing a home outside of the City of Toronto, in nearby municipalities, where there is no LTT. A quarter (26%) of prospective buyers looking for homes in the 416 and 905 regions say they are `not at all more likely' to consider purchasing a home outside of the City specifically due to the LTT.

• Two thirds (65%) of prospective home buyers who currently live in Toronto say they are more likely to leave Toronto, when they purchase their next home, specifically because of the Toronto Land Transfer Tax.
• Nine in ten (91%) surrounding GTA residents looking to jump into the housing market are more likely to steer clear of buying in the City because of the Land Transfer Tax.

These are some of the findings of an Ipsos Reid poll conducted between May 10th to 22nd, 2013 on behalf of the Toronto Real Estate Board (TREB). For this survey, a sample of 1,012 (606 from the City of Toronto/416 region and 406 from the surrounding GTA/905 region) Canadians 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 +/- 3.4 percentage points had all Canadians adults living in the Greater Toronto Area (GTA) region been surveyed, within +/- 4.5 percentage points had all City of Toronto/416 region residents been surveyed, and within +/- 5.5 percentage points had all GTA/905 region residents been surveyed. 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 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.