New Toronto Land Transfer Tax Hike

Toronto land transfer tax

Toronto City Council has approved changes to the Toronto land transfer tax percentages for some home buyers with closings March 1, 2017 or after. The good news is that first time buyers will not be affected. A recommendation to harmonize Toronto’s land transfer tax with the province’s rates will cost other residents an additional $750 to move house.

NEW CHANGES TO TORONTO LAND TRANSFER TAX!

City of Toronto Council has approved changes to the Toronto Land Transfer Tax that mean additional Toronto Land Transfer Tax costs for some home buyers with a closing date on or after March 1, 2017, when it will be harmonized with the provincial LTT.

The following changes to the Toronto Land Transfer Tax were considered and approved by Toronto City Council on February 15, 2017. The changes are effective AS OF MARCH 1, 2017, for real estate transactions closing on or after this date:

Added an additional LTT of 0.5% of the value of a residential or non-residential property from $250,000 to $400,000 (an additional $750)
Added an additional LTT of 0.5% of the value of a residential property above $2 million
Added an additional LTT of 0.5% of the value above $400,000 of a non-residential property
Increasing the maximum allowed First-Time Home Buyer Rebate to $4,475, up from $3,725
Amended the first-time home buyer rebate program eligibility rules to restrict rebate eligibility to Canadian citizens or permanent residents of Canada.

To learn more about the recent changes to the LTT, please visit the City of Toronto website http://bit.ly/1bl10BV.

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