Buyer Links
Toronto Real Estate Search
Click here and let us know what you are looking to buy
Toronto Lofts for Sale
All Toronto loft conversions, as well as new soft loft buildings
Toronto Hard Lofts
Only authentic hard loft conversions in Toronto
Toronto Soft Lofts
Only newly-built soft loft buildings in Toronto
Toronto Condos for Sale
Popular Toronto condo
buildings, as well as some
new condo developments
First Time Buyers
A special section for those entering the Toronto condo or house market for the first time
Property Listings
Check what Toronto condos & houses are for sale - and check our office listings as well
Tools for Buyers
Mortgage calculator, land transfer tax, etc.
Information for First Time Home and Condo Buyers
Land Transfer Tax Explained
Purchasers in most large Canadian centres can add land transfer tax to their list of closing costs.
Unless you live in Alberta, Saskatchewan, or rural Nova Scotia, land transfer taxes (or property purchase tax) are a basic fact of life. These taxes, levied on properties that are changing hands, are the responsibility of the purchaser. Depending on where you live, taxes can range from a half a per cent to two per cent of the total value of the property.
Many provinces have multi-tiered taxation systems that can prove complicated. If you purchase a property for $260,000 in Ontario, for example, .5 per cent is charged on the first $55,000, 1 per cent is charged on $55,000 - $250,000, while the $250,000 - $400,000 range is taxed at 1.5 per cent. Your total tax bill? $2,375.00.
To calculate Ontario land transfer tax:
Up to $55,000 X 0.5 % of total property value
From $55,000 to $250,000 X 1.0 % of total property value
From $250,000 to $400,000 X 1.5 % of total property value
From $400,000 up X 2.0 % of total property value
And the new land transfer tax in Toronto is as follows:
0.5% - on the first $55,000
1.0% - on portion between $55,000 - $400,000
2.0% - on anything over $400,000
First time buyers are exempt on the first $400,000
It's actually much easier than you'd think, isn't it?
Please feel free to contact us should you have any questions or are ready to embark on your homebuying and selling journey!