New research shows a massive loss of economic activity in Toronto due to the Municipal Land Transfer Tax (MLTT), imposed in Toronto in 2008.

The report, Economic Implications of the Municipal Land Transfer Tax in Toronto, conducted by Altus Group Economic Consulting for the Ontario Real Estate Association outlined the economic losses incurred by the City of Toronto between 2008 and 2013 including:

A loss of 38,278 resale home transactions

A loss of $2.3 billion in economic activity

A reduction of $1.2 billion in GDP

A loss of 14,934 full-time jobs

A loss of $772 million in wages and salaries

70% of 416-ers say that the MLTT would make them incur more debt in order to pay the tax

72% say that the MLTT would make them spend less on renovations, furniture or appliances for the home they would purchase

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

More market watch: