Toronto Home/Condo Closing Costs: Land Transfer Tax
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Condos purchased in Toronto are subject to two Land Transfer Taxes, The Ontario land transfer tax and the Toronto land transfer tax.
If you are a first time home buyer, you are entitled to a rebate on the taxes. In the City of Toronto you are eligible for a rebate of up to $3725, which is the amount of tax on a purchase of $400,000. To see how to calculate or what the current rebate is go to the City of Toronto website.
The Province of Ontario has it’s own land transfer tax. They also have a rebate program for first time home buyers. The rebate is up to $2000 which is the amount $227,500. You can see up to date info on the Province’s website.
If you are not a first time buyer, you will have to pay both taxes at closing. These fee’s are not part of the mortgage, you actually have to pay them on closing.
Call or email me if you have any questions.
Steven
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Toronto, March 5, 2012 – Greater Toronto REALTORS® reported 7,032 sales in February 2012 – up 16 per cent compared to February 2011. New listings were also up over the same period, but by a lesser 11 per cent to 12,684. It is important to note that 2012 is a leap year, with one more day in February. Over the first 28 days of February, sales and new listings were up by ten per cent and six per cent respectively.
“With slightly more than two months of inventory in the Toronto Real Estate Board (TREB) market area, on average, it is not surprising that competition between buyers has exerted very strong upward pressure on the average selling price. Price growth will continue to be very strong until the market becomes better supplied,” said Toronto Real Estate Board President Richard Silver.
“It is important to note that both buyers and sellers are aware of current market conditions. This is evidenced by the fact that homes sold, on average, for 99 per cent of the asking price in February,” continued Silver.
The average selling price in the TREB market area was $502,508 in February – up 11 per cent compared to February 2011. The Composite MLS® Home Price Index for TREB, which provides a less volatile measure of price growth compared to the average price, was up by 7.3 per cent compared February 2011.
“If tight market conditions continue to result in higher than expected price growth as we move into the spring, expectations for 2012 as a whole will have to be revised upwards,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “While price growth remains strong, the average selling price remains affordable from a mortgage lending perspective for a household earning the average income in the GTA.”
Source: TREB (Toronto Real Estate Board)
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Nuvo Condos were built by Tridel in the Kipling and Dundas area of Etobicoke, close to TTC, highway 427, QEW and other transportation. Building amenities include, an Indoor Swimming Pool And A Whirlpool With Lounge Areas, Sauna, Steam Room, Exercise Rooms, Party Room, Rooftop Terrace, Bbq Area With An Outdoor Bar, Virtual Golf, Billiard Room, And Theatre plus Concierge and Visitor parking
25 – 35 Viking Lane
TSCC/1862, TSCC/1959
2 Highrise Condos 28 Storey, 30 Storey
Location: Toronto, Etobicoke, Kipling and Dundas
Built by Tridel
Completed 2007/08
M9B 0A1, M9B 0A2
MLS District W08-Islington City Centre West
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TORONTO, January 5, 2012 – Greater Toronto REALTORS® reported 4,718 transactions through the TorontoMLS® system in December 2011. The December result capped off the second-best year on record under the current Toronto Real Estate Board (TREB) boundaries. Total sales for 2011 amounted to 89,347 – up four per cent in comparison to 2010.
“Low borrowing costs kept Buyers confident in their ability to comfortably cover their mortgage payments along with other major housing costs,” said TREB President Richard Silver. “If Buyers had not been constrained by a shortage of listings over the past 12 months, we would have been flirting with a new sales record in the Greater Toronto Area,” added Silver.
The average selling price in December was $451,436 – up four per cent compared to December 2010. For all of 2011, the average selling price was $465,412, an increase of eight per cent in comparison to the average of $431,276 in 2010.
“Months of inventory remained below the pre-recession norm in 2011. Very tight market conditions meant substantial competition between Buyers and strong upward pressure on selling prices,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
“TREB’s baseline forecast for 2012 is for an average price of $485,000, representing a more moderate four per cent annual rate of price growth. This baseline view is subject to a heightened degree of risk given the uncertain global economic outlook,” continued Mercer.
Source: TREB (Toronto Real Estate Board)
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Toronto, October 5, 2011 – Greater Toronto REALTORS® reported 7,658 transactions through the TorontoMLS® system in September – a 25 per cent increase over September 2010. Sales during the first three quarters of 2011 amounted to 70,588, representing a 2.6 per cent increase compared to the first nine months of 2010.
“We have experienced strong growth in sales so far this year, with a much more active summer compared to 2010. However, while sales have been strong, we have continued to experience a shortage of listings, resulting in more competition between home buyers,” said Toronto Real Estate Board President Richard Silver. “Over the past few months, the listing situation has started to improve, so we expect home buyers will have more homes to choose from in the months ahead.”
With annual growth in sales (+25 per cent) outstripping annual growth in new listings (+15 per cent) in September, market conditions became tighter and the average selling price continued to grow by close to 10 per cent on a year-over-year basis.
“Strong price growth through the first nine months of the year was mitigated to a great degree by low interest rates and rising incomes,” said the Toronto Real Estate Board’s Senior Manager of Market Analysis Jason Mercer. “As buyers continue to take advantage of the affordable home ownership options in the GTA, we remain on pace for the second best year for sales under the current TREB market area.”
Source: TREB (Toronto Real Estate Board)
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