Investors are breathing a sigh of relief after confirmation came Monday that cities outside Toronto can’t add a land transfer tax.

“There is not any legislation before the House that would allow (municipal land transfer tax),” Municipal Affairs Minister Ted McMeekin said in the legislature’s daily question period.

McMeekin’s announcement came after the Ontario Real Estate Association’s “don’t tax my dream” campaign was launched and backed by numerous real estate investment groups. They argued the tax could push house prices further out of reach for many families and reduce potential profits and therefore incentive for investors to purchase in Ontario.

Huge Win For Ontario Home Owners

“This is a huge win for Ontario’s home owners and those who dream of one day owning a home,” said Patricia Verge, president of the Ontario Real Estate Association.

In Toronto, someone purchasing a $800,000 home would pay a total of $18,132 in land transfer taxes with $9,732 for the provine and $8,400 going to the city. Toronto’s land transfer tax was added in 2006.