When buying residential real estate in the province of Ontario it is subject to a land transfer tax. If you are moving to a condo or house in Toronto you will also be required to pay a separate land transfer tax to the city as well.
If you are a First Time Home Buyer (meaning you have not owned property before in your lifetime anywhere in the world) you are eligible to receive rebates from both the Province of Ontario and the City of Toronto. In order to qualify for the rebates you must occupy the property you are buying as your principal residence.
The maximum rebate from the Province of Ontario for First Time Home Buyers is $4,000 equivalent to a property with a purchase price of $368,000. First Time Home Buyers in Toronto can receive a rebate from the city to a maximum of $4,475 equivalent to land transfer tax payable on a $400,000 property.
Victoria Boscariolis a real estate agent in Toronto Canada with Chestnut Park Real Estate Limited Brokerage. With over 20 years experience, Victoria has been helping people successfully buy and sell condos and houses in Yorkville and downtown Toronto. As a Certified International Property Specialist (CIPS) she has worked with Buyers from around the world moving to Toronto from China, Russia, Brazil, India, South Africa, United Arab Emirates, Jordan, Cyprus, Italy, Germany, The United Kingdom, Australia and the United States.
Chestnut Park Real Estate Limited Brokerage, independently owned & operated
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purchase, sale and lease of real estate as part of a cooperative selling system. Canadian Real Estate Association Last Updated: 12/15/2019 10:06:06 PM