FOR IMMEDIATE RELEASE – The Cornerstone Association of REALTORS® is sounding the alarm over the City of Hamilton's consideration of a Municipal Land Transfer Tax (MLTT). This tax would significantly burden homebuyers, exacerbating the city's already critical housing affordability crisis.
Hamilton’s housing market has already been under pressure due to rising costs and limited supply, and introducing a municipal land transfer tax would make it even more difficult for residents to buy homes. Adding a tax on top of the existing provincial land transfer tax will significantly increase the cost of purchasing a home, further straining families already grappling with high living expenses.
“This tax would effectively make homeownership less attainable in Hamilton, placing a disproportionate burden on prospective buyers,” said Julie Sergi, Chair of the Cornerstone Association of REALTORS®. “With rising inflation, stagnant wages, and a competitive housing market, Hamiltonians are already struggling to afford homes. The last thing they need is an additional tax that will make achieving the dream of homeownership even harder.”
In a recent public opinion poll by Abacus Data, Hamiltonians made it clear that they do not support an MLTT. A significant majority of residents expressed concerns that such a tax would limit their ability to afford homes and lead to delays in purchasing. The Cornerstone Association of REALTORS® is calling on Hamilton City Council not to spend further resources on exploring an MLTT but instead to look at alternative, long-term solutions that prioritize affordability and economic stability.
“Imposing this tax would not only hurt homebuyers, but it could also have wider economic repercussions for Hamilton,” Julie Sergi continued. “The housing market drives consumer spending, and any slowdown in transactions would result in lost economic activity, affecting everything from home renovations to local retail businesses.”
The Cornerstone Association of REALTORS® urges Hamilton City Council to focus on policies that support affordable housing options and economic growth rather than adding more financial obstacles with additional taxation for families already struggling in today’s challenging economic environment.
