65% of Torontonians say Toronto’s proposed land transfer tax is unacceptable according to a Decima poll cited by Inside Toronto.
If Toronto’s new land transfer tax passes, the costs of home ownership in the city will get even uglier.
Home buyers in Toronto can look forward to paying:
Don’t forget your down payment either–assuming you have one.
Adding salt to the wound is that many of these costs cannot be rolled into a mortgage. That means we may very well see cash-back mortgages become quite popular in a year or two.
Most of these costs apply no matter where you live. Nonetheless, this extra ding by the City of Toronto will certainly hurt homebuyers who are on the fringe of affording a home.
Do you have any information whether, other than the 1st time home buyer refund possibly applying, this tax would also be exempt for transactions which LTT are now exempt from (i.e. spousal transfer)?
Toronto Star writer Bob Aaron speculates that “Existing exemptions from the provincial tax would not necessarily apply to the proposed municipal land transfer tax.”
However, CBC says: “Buyers of newly constructed condominiums or houses would be exempt from the city’s land transfer tax, as they are from the similar provincial tax.”
In addition, National Post says:
“First-time homebuyers are expected to get a break.”
I’m guessing CBC and National Post are right but will keep an eye out for the facts and update everyone once I know.
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