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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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