toronto

Toronto's New Land Transfer Tax - Effective March 1st, 2017

City of Toronto Council has approved changes to the Toronto Land Transfer Tax that mean additional Toronto Land Transfer Tax costs for some home buyers with a closing date on or after March 1, 2017, when it will be harmonized with the provincial LTT.

The following changes to the Toronto Land Transfer Tax were considered and approved by Toronto City Council on February 15, 2017. The changes are effective AS OF MARCH 1, 2017, for real estate transactions closing on or after this date:

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

More details on the Toronto Land Transfer Tax, and an online calculator can be found here.

Unionville is still a strong 'sellers market'

Another good article from the Toronto Star today, describing how Toronto is still primarily a sellers market, quite different from how the Vancouver market has cooled considerably recently.

Toronto is still “a bit of a seller’s market” but moving toward a buyers market while the Vancouver market has cooled to the point where bidding wars are largely a thing of the past and buyers have moved back into the driver’s seat, Warren noted.

Markham and Unionville again are maintaining a strong sellers market, as 'for sale' inventory of detached homes is very low.  Despite Toronto's pricing flattening considerably, the highly-desireable areas of Markham Village and Unionville continue to reach new heights.  It's shaping up to be an impressive spring season!

Via Toronto Star