Saturday, July 21, 2007

Real Estate Transfer Tax On Hold

Less than 3 months after the real estate transfer tax was proposed it has been put on hold. It has not been completely vetoed but shelved for the time being.

Edmonton Real Estate Board and the Canadian Taxpayers Federation were both extremely vocal in their protests to the proposed tax. Leading Mayor Steven Mandel to insult Realtors for "not discounting their commissions"

The 1% tax was estimated to cost home buyers about $4000 on top of the property's purchase price.

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