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City of Toronto Approves New Municipal Land Transfer Tax Rates
Toronto introduces a progressive financial blueprint, seeking to address its funding deficit. Central to the strategy is a tiered Municipal Land Transfer Tax targeting upscale residential estates, effective January 1, 2024. The plan also explores elevating the Vacant Home Tax, similar to Vancouver's move in 2021, and assessing additional levies on foreign property buyers. With transportation safety and ridership at the forefront, the city also aims to revamp its transportation landscape.