Toronto Council has finally passed the controversial new land-transfer tax and vehicle registration tax/fee. Although a compromise was needed, Toronto should now have the stable funding that they require to run the city. Barring that the housing market does not go bust or everyone in Toronto decides to sell their car. This would never happen? But, I needed to point out the absolute worse case scenario. The new taxes might only initially raise $180-million to $200-million for 2008, less than earlier annual estimates of $356-million. Even with the new taxes, city finance officials say they still need a property tax hike. This also does not stop Toronto Council from considering new entertainment taxes, fees and the possibility, however unlikely, of a toll on the DVP, going into downtown Toronto. A land transfer tax of up to 2 per cent and a $60 fee for motor vehicle registration, which only could have happened with the new powers from the “City of Toronto” act. What will be interesting is the fall-out in the Real Estate market. I doubt there will be much change in the downtown area. Toronto still does not serve the outer regions like Scarborough and Etobicoke with adequate public transit. It should be interesting to see if funding now starts on the “Transit City” plan. There is no excuse now since they have their money and what David Miller wanted. What is interesting is that the Liberals are in power, and based on their “promises, this should be boom time for public transit. The question is, were they all “telling the truth”? Or was this all a rouse to get more money and tax use again later? Only time will tell. I imagine those, with homes just north of Toronto’s Steeles Avenue must be extremely happy. There homes just became a little bit more valuable. There will be those who want to skirt the tax and move a bit north, still within walking distance of the TTC and Toronto. They will be sad to learn that prices in Markham, Thornhill, Vaughan and Woodbridge are already high. However, the major point is that it is now time for “Transit City” to move forward, with no delays! I do not necessarily agree with the new taxes, however David Miller seemed to have no choice. I am also not totally in favour of all of their public transit plans; however something is better than nothing in the “transit world”. Other than the audit of the city contracts and the panel looking into savings for the city, council has done there part. Dalton McGuinty will now have to show if he was telling the truth? The Liberal Ontario government must start with the Move2020 plan now, with no delays or lies or false promises. Let the people in the know, do their work and lets get Toronto moving! Torontonians will now expect “results”, otherwise David Miller and company may find an angry electorate in 2010. Torontonians will be watching!
By: Andy MJ
a.k.a. “The G.T.A Patriot”