In the city of Toronto, there are two taxes that are applied to a real estate purchase.
The Toronto Land Transfer Tax:
Put into place just last February (’08), this tax is levied only on real estate purchased in central Toronto.
If an agreement of purchase and sale was entered into before December 31, 07 with a closing after Feb 1, 08, the buyer will be rebated the full amount of this tax.
* If you are a first time home buyer who purchases a re-sale or newly constructed home, you are eligible for a rebate of up to $3,725 (equivalent to a $400,000 home).
The Ontario Land Transfer Tax:
If you purchase real estate in Ontario you are subject to this tax.
* If you are a first time buyer and you purchase a newly constructed home you will receive a rebate on this tax of up to $2,000 (equivalent to a $227,500 home).
If you have additional questions or would like to chat about purchasing or selling a property, contact me:[contact-form]