Why Siskinds Real Estate?
At Siskinds, we believe that closing your purchase, sale or refinance should be as easy and convenient as possible. No matter where in Ontario your property is located, our dedicated real estate team is happy to help. With decades of real estate experience, we’re here to help make your closing go smoothly.
Most of the time real estate lawyers will quote legal fees, then add a lot of extras. Siskinds instead offers peace of mind by providing fixed-cost1 pricing at the beginning of our hassle-free closing process, inclusive of all normal costs. We won’t quote you a low legal fee and then nickel and dime you with disbursements that can triple your cost or more.
Siskinds is also happy to provide virtual signing services. Whether you’re in this London, the other London, Toronto, Ottawa, Windsor, Vancouver, Halifax, or somewhere else, if the property’s located in Ontario we’re here to help.
For more information, or for a specific quote, please contact the Siskinds Real Estate Team. Our Real Estate Team can also be reached by phone at 519-660-2061 or 519-672-2121.
What is Land Transfer Tax?
Land Transfer Tax (“LTT”) is payable to the Province of Ontario at the time we close a purchase transaction. It can also be payable if title is changing as part of a refinance. For properties located in Toronto there is an additional Municipal Land Transfer Tax (“MLTT”).
LTT and MLTT are calculated based on the “value of consideration”, which in a purchase is usually the purchase price.
Ontario LTT rates were last updated in 2017:
Amounts up to and including $55,000: - 0.5%
Amounts exceeding $55,000, up to and including $250,000: - 1.0%
Amounts exceeding $250,000, up to and including $400,000: - 1.5%
Amounts exceeding $400,000: - 2.0%
Amounts exceeding $2,000,000: - 2.5%
If the property is in Toronto, the additional MLTT applies. MLTT rates are currently the same as the LTT rates, essentially doubling the amount of land transfer taxes payable. The City of Toronto also charges a MLTT administration fee.
If you want to calculate LTT and MLTT please use the following calculator.
Please note that the results may not be 100% accurate. For more details on LTT and MLTT please contact the Siskinds Real Estate Team.
I'm a first-time homebuyer. Can I get a land transfer tax rebate?
The Ontario LTT first-time homebuyer rebate is equal to the full value of the LTT up to a maximum of $4,000. For a buyer to be eligible, the buyer must be a Canadian citizen or permanent resident, be at least 18 years old, and must occupy the home within nine months of purchase. The buyer also cannot have ever owned a home anywhere in the world, and the buyer’s spouse cannot have owned a home anywhere during the time the spouse was the buyer’s spouse. The rebate is usually applied at the time of closing, however some exceptions apply.
Toronto currently offers a first-time homebuyer rebate in relation to MLTT. The qualifications are the same as for the Ontario rebate, however the rebate is for up to $4,475.
What if I'm not a resident of Canada?
If any buyer, seller, or mortgagor is not a Canadian resident then additional fees and procedures may apply.
A non-resident speculation tax equal to 15% of the purchase price applies on the purchase or acquisition of an interest in residential or farm property located in the Greater Golden Horseshoe Region by people who are not citizens or permeant residents of Canada or by foreign corporations or trusts.
To comply with income tax requirements, 25% (and in some cases 50%) of the sale price of any property sold by a non-resident of Canada will be withheld, to ensure the payment of income tax liabilities. Those funds will only be released once the Canada Revenue Agency provides a Certificate confirming that no taxes remain outstanding. We would advise any non-resident seller to consult with an accountant prior to selling property in Canada.
For more information please contact the Siskinds Real Estate Team.
What if I'm buying, selling or refinancing a different type of property?
While the information on this page is primarily for those buying, selling or refinancing owner-occupied, single-family urban residential properties, Siskinds is happy to help you with your transaction no matter the type of property you’re dealing with. Is the property rented to tenants? Commercial? Industrial? Institutional? Farmland? Vacant Land? The Siskinds Real Estate Team is here to help!
For more information please contact our Commercial Real Estate Team.
1 Some exceptions apply. Please contact Siskinds LLP for more details. Standard pricing applies only to owner-occupied single-family residential transactions, where the property is connected to a municipal sewer and/or water system, and where the property is not bound on any side by water. Any prices quoted are for standard transactions.
