Land transfer tax

Land transfer tax is usually the largest single closing cost, and it's due in cash on completion — it can't be rolled into the mortgage. In Ontario it's tiered from 0.5% on the first $55,000 up to 2.5% on amounts over $2M.

Buying in the City of Toronto means paying it twice — a municipal land transfer tax on top of the provincial one — which can roughly double the bill. On an $800,000 Toronto home that's well over $20,000 combined.

First-time buyers can claim rebates (up to $4,000 provincially in Ontario, plus a municipal rebate in Toronto) that offset part of it. Our land-transfer-tax calculator computes the exact amount and rebate for your city and price.