There is a new land transfer tax change coming to Toronto beginning on January 1. Also known as the Municipal Land Transfer Tax, this is a one-time fee paid when a buyer takes possession of a property. In Toronto, buyers are required to pay both the provincial land transfer tax as well as the municipal. The new changes are to the municipal taxes and the increase will have a significant impact on many real estate transactions in the city.
We have put together a short presentation explaining the ramifications of the new tax as well as what buyers need to know moving forward:
Do you have questions about buying a home in Toronto or the new municipal land transfer tax? Get in touch with us directly by calling 416-587-3300 or email us at office@torontoism.com.
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