It does, and it also has an unintended consequence of maintaining people in too much housing. Because of the land transfer tax, households who previously would have downsized—because there are empty bedrooms, the kids have moved out—now have a disincentive to downsize because they're going to be taxed in doing so. The land transfer tax has also resulted in some wonky outcomes in terms of being able to ensure that families are living in homes that have been designed for families.
On November 6th, 2023. See this statement in context.