Toronto City Council has approved changes to the Toronto Land Transfer Tax structure.
Effective March 1st, 2017, all real estate transactions closing on or after this date will be subject to the new guidelines:
The LTT is charged on a graduated basis depending on the value of consideration paid for the property.
- 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 for the amount over $2 million (an extra $2500 on a $2.5MM property)
- Added – an additional LTT of 0.5% of the value above $400,000 of a non-residential property
- Increased – 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
