Best Real Estate Lawyers in Toronto, ON

The amount payable for Land Transfer Tax differs for each transaction and is determined by the location of the property, the price of the property, and whether any of the purchasers are first-time homebuyers. For example, if the home is located in Toronto, the City of Toronto levies a municipal tax in addition to the tax payable to the province. If at least one buyer is a first-time homebuyer, you will be entitled to a rebate of part of the tax amount. To view an estimate of what you can expect to pay as part of your purchase, please view our Land Transfer Tax Calculator.

The maximum amount of the Ontario Land Transfer Tax Rebate is $4,000 and is applied to first-time homebuyers of newly constructed or resale homes. This means that a qualified person will not pay tax on the first $368,000 of their home. If two people are jointly purchasing the home and only one is considered a first-time homebuyer, the rebate would be reduced by 50%, to a maximum of $2,000.

The handing over of keys to a new home is one of the final steps in closing a real estate transaction. While buyers are often anxious to get their keys as soon as possible on the closing date, the exact time often varies. Before we can hand keys over to our clients, we are required to ensure the following steps have taken place:

While our office will provide notification of the change in ownership upon closing, we advise you to contact the utility companies in advance of the closing date to let them know of the pending change in order to avoid an interruption in service.

You should notify all utilities of the change of ownership date in advance; however, we will confirm the change upon closing by sending each utility a letter of notification.