Toronto Land Transfer Tax Update June 2020

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Today I have an update for you regarding the Municipal Land Transfer Tax in Toronto.

When you buy real estate anywhere in Ontario you must pay a Provincial Land Transfer Tax.

In 2008 the City of Toronto implemented a Municipal Land Transfer Tax in addition to the Provincial Land Transfer Tax.

If you are a first-time home buyer then this can be a hefty addition to your closing costs when buying a home in Toronto.

Here is some good news. 
Efforts to reduce the financial sting for first time home buyers in Toronto will be debated next week at Toronto city counsel.

The city’s Chief Financial Officer & Treasurer put forth a proposal to increase the Municipal Land Transfer Tax (MLTT) EXEMPTION amount for first-time home buyers.

When the Municipal Land Transfer Tax (MLTT) was first implemented in 2008, first-time homeowners were exempted up to $400,000 — a little less than the average price of a residential  property  – at the time.

With average home prices more than doubling over the past 12 years, the exemption has remained the same so it’s definitely   something  we  home  will  change.

Clearly  “First-time home buyers have been unfairly penalized by the Municipal Land Transfer Tax (MLTT) for years,” and adjustments  to the first-time buyer rebate are long overdue.

I will definitely keep you up to date on any news related to the this land transfer tax change and all real estate matters.[/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]