The City of Toronto has approved changes to the Toronto Land Transfer Taxes, increasing the costs associated with the tax. This affects those whose closing dates are on March 1st or later.
- 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.
However these changes do not affect first time buyers. Initially the First-time Home Buyers’ Rebate was increased to $4475, however after efforts by TREB first-time home buyers will not see any changes other than the following:
- Increasing 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.