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CONDO CLOSING COSTS IN TORONTO



CLOSING COSTS FOR CONDOMINIUMS



If you purchase land or an interest in land in Ontario you are required to pay the Provincial Land Transfer Tax (PLTT). If you have purchased this land or an interest in land located in Toronto, you are required to pay the Municipal Land Transfer Tax (MLTT) in addition to the PLTT.


Toronto


Municiple Land Transfer Tax (MLTT)


Up to and including $55,000.00 X 0.5% of total property value
From $55,000.01 to $400,000.00 X 1% of total property value
Over $400,000.00 X 2% of total property value


Ontario


Provincial Land Transfer Tax (PLTT)


Up to $55,000 X 0.5% of total property value
From $55,000 to $250,000 X 1% of total property value
From $250,000 to $400,000 X 1.5% of total property value
From $400,000 up X 2% of total property value
The City of Toronto levies an additional LTT on Toronto real estate in addition to the provincial rate.


Land Transfer Tax Rebates: First Time Home Buyers


If you are a first time home buyer you are eligible for rebates for both the Municipal and Provincial Land Transfer Tax



  • Municipal Land Transfer Tax (MLTT): Maximum $3725

  • Provincial Land Transfer Tax (PLTT): Maximum $2000


Value of Consideration                       MLTT Rate


Up to and including $55,000.00             0.5% plus


$55,000.01 to $400,000.00                  1.0% plus


$400,000.01 to $40,000,000.00                1.5% plus


Over $40,000,000.00                               1.0%


FOR EXAMPLE: A home with a consideration value of $500,000.01 (excluding GST): 


MLTT Rate                                               Calculation


0 to $55,000.00                                       55,000.00 x 0.005 = $275.00


$55,000.01 to $400,000.00                       344,999.99 x 0.01 = $3,450.00


$400,000.01 to $500,000.00                     99,999,99 x 0.02 = $2,000.00


                                                              Total MLTT = $5,725.00


You may be eligible for a rebate of the MLTT if either of the following criteria is met:


A. Grand-Fathering The Agreement of Purchase & Sale was executed on or before December 31, 2007 and the closing date is on or after February 1, 2008. In this case you will be eligible for a full rebate.


B. First-Time Purchaser You are a first-time purchaser of a newly constructed or re-sale residential property. The rebate for first-time home purchasers is up to a maximum of $3,725.00




HARMONIZED SALES TAX AND REAL ESTATE ONTARIO



As we've talked about here before, the real estate industry is a major driver in the Canadian economy.

For example, in 2008, real estate in Ontario accounted for $56 billion in sales, $6.01 billion in ancillary economic spending and $1.35billion in land transfer tax revenue to the provincial government. In addition, real estate employs 110,000 Ontarian's directly and indirectly.

The Ontario government announced the new HST blending of PST and GST effective July 1st, 2010 creating a new combined tax rate of 13% on the purchase of almost all goods and services in Ontario.

Currently, certain services associated with a real estate transaction only attract GST and not PST. What that means is that consumers will be forced to pay 8% more for things like legal fees, home inspection fees, mortgage insurance premiums, moving costs and yes, real estate commissions.

According to a media release issued yesterday by the Ontario Real Estate Association, the HST could add over $2,000 in new taxes to closing costs.

They also say that overall, it will add $313 million annually in new taxes to resale home transactions.



Contact our Qualified Mortgage Agents for Free Consultations



PAUL FILLMAN


Residential Mortgage Agent 


The Mortgage Emporium Corporation


Tel 905-421-9330 Ext 8426
Cell 416-937-2422
Emailpaul@mortgageemporium.ca
Webhttp://www.mortgageemporium.ca/pauly/



March 8, 2012 Interest Rate Update



1328112672-Wolf and Interest Cartoon.jpg



Bank of Canada Announcement 
As expected, today the BANK OF CANADA announced that it was maintaining its target for the overnight rate at one per cent. The Bank Rate is correspondingly one and a quarter per cent and the deposit rate is three quarters of a per cent. Economists do not predict an increase in the overnight rate until the end of this year. 

The financial institutions will also keep their Prime Lending rate at 3%. Fixed rates have remained steady at record low rates of 3.29% for a 5 year fixed term while variable rates are staying closer to Prime. 

The next Bank of Canada Rate Announcement will be on April 17, 2012.




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Ashley Fray
Remax - Ashley Fray - Condos Toronto

1170 Bay Street Unit 110

Toronto,Ontario,M5S 2B4
Canada
416‐917‐4007


Remax Condos Plus Corp. BrokerageAF Ashley Fray
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