Land transfer tax (LTT) is often overlooked when considering the total cost of purchasing a home. All provinces have a land transfer tax, except Alberta and Saskatchewan, who instead levy a much smaller transfer fee. In most provinces the tax is calculated as a percentage of property value, using asking price as a close estimate. Homebuyers in Toronto, however, also incur an additional municipal tax.
To help offset the unwelcome cost Ontario offers land transfer tax rebates for first-time homebuyers.
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Oliver Reprich is the broker of record of Bracebridge Realty brokerage, based in Bracebridge which is the Heart of Muskoka.
Our area of expertise are waterfront properties and cottages in Muskoka, Parry Sound and Haliburton