Following their meeting on February 15th, City of Toronto Council has approved changes to the Toronto Land Transfer Tax – which means additional Toronto Land Transfer Tax costs for buyers with a closing date on, or after March 1, 2017 – when it will be harmonized with the provincial Land Transfer Tax.

Here are the changes:

* 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 (which absorbs the new $750 fee increase)

* Amended the first-time home buyer rebate program eligibility rules to restrict rebate eligibility to Canadian citizens or permanent residents of Canada

This falls in line with the Province of Ontario, who also recently increased the rebate for first-timers from $3,725 to $4,475, as outlined in our post ‘Ontario Announces Tax Rebate For First-Time Home Buyers‘.

Are you actively engaged in the Toronto real estate market? Do you have questions about Toronto real estate? With decades of experience navigating the highs and lows of our market, and our commitment to remain acutely aware of shifts and trends, we’re here to help! All without pressure or hassle.

 ~ Steven and the Urbaneer Team

Steven Fudge, Sales Representative
Bosley Real Estate Ltd., Brokerage • (416) 322-8000
http://www.urbaneer.com • info@urbaneer.com

– earn your trust, then your business –

Like what you’ve read? Consider signing up in the box below to receive our FREE monthly e-newsletter on housing, culture and design including our love for unique urban homes and other Toronto real estate!

Love Canadian Housing? Check out Steve’s Student Mentorship site called Houseporn.ca which focuses on architecture, landscape, design, product and real estate in Canada!