The city of Calgary has dropped its plan to introduce a land transfer tax originally proposed as an initiative to cover the costs of affordable housing.

City Counsel narrowly squashed the consideration of a 1% home buyers tax in a vote of 8-7.

“A land transfer tax in an unfair tax.  It is essentially a home buyers’ tax and singles out a select group of individuals for taxation.  It asks home buyers to pay for Municipal services which benefit the entire community” wrote Calgary Real Estate Board President Bonnie Wegerich.

The Calgary Real Estate Board will continue to monitor the issue, and take further action should the need arise.