Information For Buyers

Resources  For Home Buyers

Whether you’re a first-time homebuyer or a seasoned real estate investor, buying a home is a an exciting process. However, there is also a lot to consider when you decide to buy a property, such as features, location, type of home and budget.

As a real estate sales representative, I can answer all of your questions and help you navigate through what can often be a complicated business transaction.

This page has some helpful resources and information you need to know about buying in Ontarrio, to get you started. 


 Ontario Land Transfer Tax Information

Often an over looked cost when purchasing a home, is the land transfer tax. In most provinces the tax is calculated as a % of property value, using asking price as a close estimate. 

Purchase price of homeMarginal tax rate
First $55,000 0.5%
On $55,000 to $250,000 1.0%
On $250,000 to $400,000 1.5%
Over $400,000 2.0%

 Source: Ontario Ministry of Revenue, "Land Transfer Tax."

Land Transfer Tax Calculator >>


Ontario first-time home buyer land transfer tax rebate

To help offset the unwelcome cost, Ontario, British Columbia, Prince Edward Island and the City of Toronto offer land transfer tax rebates for first-time homebuyers.

The Ontario land transfer tax rebate is equal to the full value of the land transfer tax up to a maximum of $2,000.

Eligibility

  • The buyer must be older than 18 years
  • The buyer must occupy the home within nine months of purchase
  • The buyer cannot have owned a home anywhere in the world
  • The buyer's spouse cannot have owned a home while being your spouse
  • If you are purchasing a new home, it must be eligible for home warranty

Based on Ontario land transfer tax rates, the rebate will cover the fully taxed amount on houses up to $227,500. For houses over $227,500, homebuyers will receive the maximum $2,000 rebate. To obtain this refund, you need to apply within 18 months after the purchase of the home.1

Souce: Ontario Ministry of Revenue, "Land Transfer Tax Refund for First-time Homebuyers"


Step-By-Step Work Sheets from CMHC: 


Here is a Home Buying Step by Step Guide from CMHC >>


 

Mike McCue

Mike McCue

Sales Representative
CENTURY 21 Explorer Realty Inc., Brokerage*
Contact Me

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