The Toronto Land Transfer Tax is now under pressure by a veteran city councillor to be suspended in order to help the lagging economy and stimulate Toronto Condo and Home sales.

These efforts might be in vain because Toronto Mayor David Miller and budget chief Shelly Carroll support the tax as an easy revenue generator.

A three to six month moratorium on this tax could be a stimulus to help the local economy. It is estimated that every Toronto Home and Condo transaction adds $33,000 in spin off local economic activity in such items as furniture, appliances and home renovations.

It is estimated because of the Toronto Land Transfer Tax an estimated 5,000 sales did not take place in 2008.

That equates to $200 million dollars for Toronto's economy.

A C.D Howe Institute study found that Toronto Home and Condo sales dropped by 16 per cent because of this controversial tax and this tax caused housing prices to fall 1.5 per cent.

The Toronto Real Estate Market needs incentives and help from all levels of Government to help all the downtown Toronto Condo sales and more important for the City of Toronto, assistance for the downtown Toronto Condo Market.

Current new and resale Condos, Lofts and Townhouses can be found on our Toronto Real Estate website that specializes in our top monthly Real Estate newsletters and the continuing Toronto Real Estate Boards Market Watch stats for the last 28 months.