For those of you following municipal politics, Toronto city council has approved the new Land Transfer Tax regime for all land located in Toronto. The tax now works in a slightly different way than Mayor Miller had originally proposed, and more detailed information about it can be found here [warning: PDF link].

I recognize that politics are always difficult and controversial matters to discuss, but this new tax clearly prejudices property owners and potential purchasers in the City of Toronto. People deciding between two properties of comparable value may be inclined to purchase outside of Toronto just to save the extra tax, which may make selling property in Toronto more difficult. Worse, Miller has admitted that the tax is insufficient to cover the city's existing budget shortfall. In attempting to solve a problem, Miller and his supporters have not only not solved the problem, they've also made it worse.

The Toronto Star has published a list of councilors and how they voted [warning: PDF link]. If you disagree with the way your councilor voted, you should remember that when re-election comes along.