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Land Transfer Tax

City of Toronto Land Transfer Tax Rates
0.5% – first $55,000
1.0% – between $55,000 – $400,000
2.0% – over $400,000
First time buyers are exempt on the first $400,000

 

Province of Ontario Land Transfer Tax Rates
0.5% – first $55,000
1.0% – between $55,000 – $250,000
1.5% – over $250,000
2.0% – over $400,000
Qualifying first time home buyers receive a $2000 credit

 

Property Tax

Property taxes for new developments are usually about 1% of the purchase price.

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