When buying residential real estate in the province of Ontario it is subject to a land transfer tax. If you are buying a house or condo 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.
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purchase, sale and lease of real estate as part of a cooperative selling system. Canadian Real Estate Association Last Updated: 4/18/2019 02:22:06 AM