Land Transfer Tax – Closing Cost
When purchasing a home or condo in Ontario you will be required to pay land transfer tax. The land transfer tax is based on the purchase price of the property. The City of Toronto also has a Land Transfer Tax which is in addition to the provincial land transfer tax.
If you are a First Time Home Buyer you may qualify for a Land Transfer Tax rebate. The rebate covers some or all of the Land Transfer Tax depending on the purchase price of your home.
Ontario Land Transfer Tax
Up to $55,000 X .5 % of total property value
From $55,000 to $250,000 X 1 % of total property value
From $250,000 to $400,000 X 1.5 % of total property value
From $400,000 up X 2 % of total property value
Toronto Land Transfer Tax
Up to $55,000 X 0.5% of total property value
$55,000 to $250,000 X 1.0% of total property value
$250,000 to $400,000 X 1.5% of total property value
$400,000 to $2,000,000 X 2.0% of total property value
Over $2,000,000 X 2.5% of total property value