Estimate your exact real estate closing taxes. We factor in provincial rates, Toronto municipal taxes, and maximum First-Time Homebuyer rebates.
Understanding closing costs, double-taxes, and homebuyer rebates across Canada.
The buyer is always responsible for paying the Land Transfer Tax (LTT) upon closing the real estate transaction. The seller does not pay this tax.
It applies to condos too! Despite the name 'Land' Transfer Tax, it applies to all real estate purchases. Whether you are buying a detached house, a townhouse, a condominium, or even vacant land, you are required to pay this tax based on the purchase price.
No. The Land Transfer Tax must be paid in cash upfront at the time of closing. It cannot be financed or added to your overall mortgage balance.