Land transfer taxes are a part of the home buying process. These taxes, levied on properties that are changing hands, are the responsibility of the buyer. Taxes can range from a half a per cent to two per cent of the total value of the property.
The following chart illustrates Land Transfer Taxes in Ontario
- Up to $55,000 X .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
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