Hamilton, ON — Hamilton’s housing market is already under intense pressure, and the City of Hamilton's consideration of a Municipal Land Transfer Tax (MLTT) could make matters worse for homebuyers and the local economy.
The Cornerstone Association of REALTORS® is raising concerns about the impact of this proposed tax, which would be added on top of the existing provincial land transfer tax. In a city where affordability is already a major issue, this additional financial burden threatens to put homeownership even further out of reach for many residents.
Why the MLTT Could Hurt Hamilton Homebuyers
Hamilton’s housing market has seen skyrocketing prices, limited supply, and increased demand, making it challenging for prospective buyers to find affordable options. Adding a municipal land transfer tax to the equation would significantly increase the upfront costs of purchasing a home.
“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.”
Public Opposition to the MLTT
The community’s stance on this issue is clear: a recent poll by Abacus Data revealed that a significant majority of Hamiltonians oppose the implementation of an MLTT. Residents expressed concerns that the tax would delay their ability to purchase a home and worsen affordability challenges.
Potential Economic Repercussions
Beyond impacting homebuyers, the MLTT could have wider economic consequences. The housing market is a major driver of consumer spending, and any slowdown in real estate transactions could affect sectors like home renovations, local retail, and other industries tied to homeownership.
“Imposing this tax would not only hurt homebuyers, but it could also have wider economic repercussions for Hamilton,” Sergi added. “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.”
A Call for Better Solutions
The Cornerstone Association of REALTORS® is urging Hamilton City Council to reconsider its priorities and focus on policies that support affordable housing and long-term economic stability. Instead of imposing additional taxes, the organisation advocates for alternative solutions that prioritise affordability and reduce financial barriers for families.
In an already challenging economic environment, Hamiltonians need support, not additional hurdles. It’s time to explore innovative, sustainable policies that foster a thriving, affordable housing market and a strong local economy.
