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Alexandra handles real estate purchases, sales, and refinance transactions throughout the province of Ontario. Her years of experience permit her to provide clients with a full range of real estate legal services specific to her clients’ needs.

Being a first time home buyer can be stressful. Alexandra and her assistant will take the extra time to walk you through the process step by step. In particular, First-Time Home Buyers are entitled to a rebate of the Land Transfer Tax payable on their purchases.

FIRST-TIME HOME BUYER REBATE
Both Ontario and the City of Toronto offer land transfer tax rebates for first-time home buyers to offset the tax. The Ontario land transfer tax rebate is equal to the full value of the land transfer tax up to a maximum of $2,000. First-time home buyers in Toronto of new and resale homes are eligible to receive a refund up to a maximum of $3,725.

To claim the Ontario or City of Toronto rebate, you:
  must be at least 18 years of age;
  must occupy the home as your principal residence within 9 months of the date of transfer; and
  cannot have ever owned a home, or an interest in a home, anywhere in the world.
  your spouse cannot have owned a home, or an interest in a home, anywhere in the world while being your spouse

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

Source: City of Toronto, "Municipal Land Transfer Tax"

LAND TRANSFER TAX

Land Transfer Tax (LTT) is payable to the Ontario government at the time we close your purchase transaction. For properties located in Toronto there is an addition Municipal Land Transfer Tax (MLTT) payable to the City of Toronto.

The Ontario LTT rate:
0.5% of the value of the consideration up to and including $55,000,and
1% of the value of the consideration which exceeds $55,000 up to and including $250,000, and
1.5% of the value of the consideration which exceeds $250,000, and
2% of the amount by which the value of the consideration exceeds $400,000 for land that contains at least one and not more than two single family residences.

The Toronto MLTT rate:
0.5% of the value of the consideration up to and including $55,000, and
1% of the value of the consideration which exceeds $55,000 up to and including $400,000, and
2% of the amount by which the value of the consideration exceeds $400,000 for land that contains at least one and not more than two single family residences.

Land Transfer Calculator Website: Click here


Contact Alexandra by phone or by email to receive your competitive quote and discuss any questions you have.