Toronto Real Estate Board
The following changes to Toronto’s Municipal Land Transfer Tax (MLTT) were considered and approved by the Toronto City Council on February 15, 2017. The changes are effective as of March 1, 2017 and apply towards real estate transactions closing on or after March 1, 2017:
• Added an additional LTT of 0.5% of the value of a residential or non-residential property from $250,000 to $400,000 (an additional $750);
• Added an additional LTT of 0.5% of the value of a residential property above $2,000,000;
• Added an additional LTT of 0.5% of the value above $400,000 of a non-residential property;
• Increasing the maximum allowed First-Time Home Buyer Rebate to $4,475, up from $3,725;
• Amended the first-time home buyer rebate program eligibility rules to restrict rebate eligibility to Canadian citizens or permanent residents of Canada.