October 24, 2020, by Radheyan Simonpillai
The Ontario Real Estate Association (OREA) wants the provincial government to give home buyers a six-month holiday from the Ontario and Toronto Land Transfer Tax (LTT), along with other incentives it argues will stimulate Ontario’s economy during the COVID-19 crisis.
“In the last economic downturn we had it was real estate that helped keep Ontario’s head above water,” OREA CEO Tim Hudak tells NOW. He describes how incentivizing home sales will help Ontario weather the economic impact of COVID-19.
The OREA, the Toronto Regional Real Estate Board (TREBB) and others will be meeting with Ontario MPPs to discuss the measures. They hope the Ontario government can incorporate the recommendations in the November economic update or the spring budget report.
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