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