Toronto has just passed a new land transfer tax.  This new land transfer tax is in addition to the current Ontario land transfer tax which everyone is required to pay.  The new Toronto land transfer tax will require buyers to pay between 0.5 and 2% of the purchase price for residential or commercial properties, depending on the price.

First time home buyers will receive an exemption on the new land transfer tax for the first $400,000 of the purchase price of their home.

If you would like to check how much the land transfer tax is on a property you're interested in you can use the land transfer tax calculator on my website.