NEW Land Transfer Tax Rates in Ontario
The new Land Transfer Tax Rates in Ontario will be:
Up to $55,000 X 0.5% of total property value
From $55,000 to $250,000 X 1% of total property value
From $250,000 to $400,000 X 1.5% of total property value
From $400,000 to $2,000,000 X 2% of total property value
From $2,000,000 X 2.5% of total property value
The extra one half of one percent above $2 million is new.
The rebate for first time homebuyers has increased from $2,000 to $4,000.
You will appreciate that there’s not much a benefit at the low end. It’s just $2,000. Yet, it is a significant amount at the high end.
It seems clear that there is a general intention is increase revenues.
For those purchasing in Toronto, generally known as the “416”, there is a separate and distinct but additional “Toronto Land Transfer Tax”. It’s probably soon to see its own hike to match.
Brian Madigan LL.B., Broker