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CHATTER: City budget balanced on thin ice (Dec. 2017)

December 15th, 2017 · Comments Off on CHATTER: City budget balanced on thin ice (Dec. 2017)

City Manager Peter Wallace tried again, in vain, to alert members of city council to the threat posed by hedging the city’s budget against the apparent unrelenting strength of Toronto’s real estate market. The city has enjoyed explosive growth in revenue from the land transfer tax over the last ten years, and projections for next year suggest that Toronto will get $808 million, four times what it got when the tax was first introduced.

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