Land transfer tax could double if municipalities get the right to charge the tax.

 Concern being expressed by the President of the North Bay Real Estate Board if the municipal land transfer tax comes to North Bay.

President Mark Lepage says the current amount is just over$2,000.

That is a provincial tax.

And Lepage says that could be doubled if municipalities get the right to charge the tax. He was asked about the impact on the local market and he quotes a Toronto study where that city is charging the tax and he says the market would take a 15% hit and in North Bay that is 200 sales a year.

Lepage says the market is currently flat with the average selling price at around $230,000. Lepage says North Bay is currently economically challenged with layoffs at the North Bay Regional Health Centre, the lockout at Ontario Northland and the strike at Nipissing University.

Lepage says there would be spin off losses too. He says that amount is $55,000 per sale.