Toronto is one step closer to making luxury homebuyers pay more in land transfer taxes after a city council committee endorsed the mayor's plan for the hike, beginning April 2026.

At its meeting Tuesday, the executive committee voted in favour of a hike in the municipal land transfer tax (MLTT) on houses valued at more than $3 million to more than $20 million.

According to the mayor's motion, the proposed rates would rise gradually as the value of homes increases. Toronto last increased municipal land transfer tax rates for multimillion dollar properties in 2023.

Mayor Olivia Chow told reporters at a news conference before the vote that people who can afford luxury homes can afford to pay more in tax. She said there is no downside to taxing wealthy people who can afford such highly valu

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