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Brian Madigan LL.B., Broker
BRMadigan@Rogers.com

RE/MAX West Realty Inc.,
Brokerage
Independently owned and operated

96 Rexdale Blvd. 
Toronto, Ontario 


Phone: 416-745-2300

Cell: 647-404-8150 
Toll Free: 1-888-507-0817

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NEW Land Transfer Tax Rates in Ontario

November 14, 2016 - Updated: November 14, 2016

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.

 

REBATE

 

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

www.iSourceRealEstate.com


Tagged with: land transfer tax ontario rebate increase first time homebuyers
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Brian Madigan LL.B. Broker

RE/MAX West Realty Inc. Brokerage

Independently owned and operated

96 Rexdale Blvd. , Toronto Ontario,

Phone: 416-745-2300

BRMadigan@Rogers.com

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