I understand that in recent years, we’ve all grown a bit immune to predictions that Toronto’s housing market is about to crash. A real crash in housing would likely mean a deep recession, with people losing their jobs and businesses failing. A sudden big drop in land transfer tax money would be bad. Imagine a scenario where land transfer tax revenue dropped by 40 per cent. “We’re gambling on the real estate market,” Councillor Gord Perks told the Star this week, repeating a warning he has issued in the past.

Source: thestar December 03, 2017 15:00 UTC