Real Estate Agents previewing MLS listings, Homes For Sale & Condos For Sale by Century 21 Realtors

Friday August the 22nd, 2014 

A Real Estate Site showcasing MLS listings info by Real Estate Agents & Realtors. Providing  North York condos for sale, Markham homes for sale, Scarborough houses etc. Neighbourhoods Data for first time home buyers & investing


Ram Rajendram , CPA, CA , Broker                                           Free Home Evaluation

Direct: (416) 737-7700    24 Hr Pager: (416) 733-2666   e-mail me

 

Land Transfer Tax Calculator


Use the form below to calculate the amount of land transfer tax you will have to pay in Ontario when buying a resale home or condo. Land transfer tax is applied on the sale price only.

 

Land Transfer Tax Calculator

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Ontario Land Transfer Tax Explained

  • 0.5% - on the first $55,000
  • 1.0% - on portion between $55,000 - $250,000
  • 1.5% - on balance over $250,000
  • 2.0% - on anything over $400,000
  • Qualifying first time buyers receive up to a $2000 credit

Toronto Land Transfer Tax Explained

  • 0.5% - on the first $55,000
  • 1.0% - on portion between $55,000 - $400,000
  • 2.0% - on anything over $400,000
  • First time buyers are exempt on the first $400,000

CITY OF TORONTO BUYERS ONLY

 

Please note that if you are a buyer in the City of Toronto (416 area code), you will be subject to an additional new City of Toronto land transfer tax for any real estate purchase made in 2008 onwards.  There is however, an exemption for first time buyers buying residential real estate up to a purchase price of $400,000. The additional City of Toronto tax is calculated as follows:

 

Up to $55,000 X .5 % of total property value

From $55,000 to $400,000 X 1 % of total property value

From $400,000 up X 2 % of total property value

 

READ MORE ABOUT THE CITY OF TORONTO LAND TRANSFER TAX AND MY OPINION OF ITS IMPACT ON TORONTO'S REAL ESTATE MARKET IN MY BLOG BY CLICKING HERE

 

As mentioned above, the City of Toronto Tax does not affect buyers in areas outside the (416) area code.

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