Most people just think of the mortgage payment as the only expense when purchasing a home

However there are many other costโ€™s associated when buying a property!

Whether itโ€™s Land-transfer taxes or Legal fees, you need to know the cost of buying your future home!


 

Some of the costs associated with buying a home in Toronto include:

Land Transfer Taxes

Municipal Land Transfer Tax

for the City of Toronto

  • Taxed 0.5%, up to & including the first $55,000

  • Taxed 1% of the value between $55-250,000

  • Taxed 1.5% of the value between $250-400,000

  • Taxed 2% of the value between $400,000-2,000,000

  • Taxed 2.5% of the amount the exceeds $2,000,000

    Provincial Land Transfer Tax

    for Ontario

    • Taxed 0.5%, up to & including the first $55,000

    • Taxed 1% of the value between $55-250,000

    • Taxed 1.5% of the value between $250-400,000

    • Taxed 2% of the value between $400,000-2,000,000

    • Taxed 2.5% of the amount the exceeds $2,000,000

 

Example of Land Transfer Tax on $500,000 Condo:

Provincial

  • First $55,000 (x 0.5%) = $275 Land Transfer Tax

  • ($250,000 - 55,000 ) x 1% = $1950 Land Transfer Tax

  • ($400,000 - 250,000) x 1.5% = $2250 Land Transfer Tax

  • ($500,000 - 400,000) x 2% = $2000 Land Transfer Tax

    $275 + 1950 + 2250 + 2000 =

  • $6475 for Provincial Land Transfer

Municipal

  • Exactly the same charges apply for Municipal Land Transfer as Provincial ($6475)

Total Land Transfer Tax on $500,000 Condo in the City of Toronto

= $12,950


Ontario Land Transfer Tax Calculator

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