Steven  Burrows

Steven Burrows

Real Estate Agent

Right at Home Realty, Brokerage*

Mobile:
905-338-3721
Office:
905-637-1700 ext. 1
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Land Transfer Tax Info

Land transfer tax (LTT) is often overlooked when considering the total cost of purchasing a home. Be aware that these details may change at any time. All provinces have a land transfer tax, except Alberta and Saskatchewan, who instead levy a much smaller transfer fee. In most provinces the tax is calculated as a percentage of property value, using asking price as a close estimate. Homebuyers in Toronto also incur an additional municipal tax. To help offset the unwelcome cost, Ontario, British Columbia, Prince Edward Island and the City of Toronto offer land transfer tax rebates for first-time homebuyers. Land transfer taxes are calculated based on the purchase price of your property. Each province sets its own land transfer tax rates, and there are also special rules when buying real estate in Toronto and Montreal. Use the figures below to find the land transfer tax based on buying a home in Ontario. Ontario Land Transfer Tax *Where the land contains one or two single-family residences. 

PURCHASE PRICE OF HOME MARGINAL TAX RATE
First $55,000 0.5%
On $55,000 to $250,000 1.0%
On $250,000 to $400,000 1.5%
Over $400,000 to $2 million 2.0%
On amounts exceeding $2 million 2.5%

 

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