Government Programs for Home Buyers

Land Transfer Tax Rebates (Provincial and Toronto)

Program
First-time buyers of new and re-sale homes are eligible to receive rebates of the provincial and Toronto land transfer taxes. The maximum provincial land transfer tax (LTT) rebate for first-time buyers is $2,000 and the maximum Toronto LTT rebate for first time buyers is $3,725. A FULL rebate of the Toronto land transfer tax is also available for ALL buyers who entered into Agreements of Purchase and Sale prior to December 31, 2007.

    Details
    Provincial LTT
    • Provincial LTT is payable anywhere in Ontario (including Toronto)
    • Maximum provincial LTT first-time buyer rebate is $2,000 (equivalent to the provincial LTT payable on a $227,500 property).
    • For RESALE homes, the provincial rebate applies only to first-time buyers who entered into Agreements of Purchase and Sale AFTER December 13, 2007.
    • First-time buyers of NEWLY CONSTRUCTED HOMES are eligible for the provincial rebate even if they entered into Agreements of Purchase and Sale prior to December 13, 2007.
    • The provincial LTT for residential properties is calculated as follows (An easy-to-use calculator is available):
      • 0.5% of the amount of the purchase price up to and including $55,000, plus
      • 1% of the amount of the purchase price between $55,000 and $250,000, plus
      • 1.5% of the amount of the purchase price between $250,000 and $400,000, plus
      • 2% of the amount of the purchase price above $400,000
    Toronto LTT
    • Toronto LTT is payable only for properties in the City of Toronto.
    • Maximum Toronto LTT first-time buyer rebate is $3,725 (equivalent to the Toronto LTT payable on a $400,000 property).
    • ANY purchaser who entered into an Agreement of Purchase and Sale prior to December 31, 2007 is eligible for a FULL rebate of the Toronto LTT.
    • Toronto LTT rebates are in addition to any provincial LTT rebate that the buyer qualifies for.
    • The Toronto LTT for residential properties is calculated as follows (An easy-to-use calculator is available):
      • 0.5% of the amount of the purchase price up to and including $55,000, plus
      • 1% of the amount of the purchase price between $55,000 and $400,000, plus
      • 2% of the amount of the purchase price above $400,000
First-time buyers of new and re-sale homes are eligible to receive rebates of the provincial and Toronto land transfer taxes.