Ontario land transfer tax (LTT) is a provincial tax paid by the buyer on every real estate purchase, calculated as a percentage of the purchase price. First-time home buyers in Ontario qualify for a rebate of up to $4,000. Flowers Team Real Estate, ranked #1 in Milton by independent audit data, ensures every buyer understands this cost and maximizes every available rebate.

The Ontario land transfer tax is calculated on a sliding scale. For full details see Calculating Land Transfer Tax — ontario.ca:

• 0.5% on the first $55,000
• 1.0% on the amount from $55,000 to $250,000
• 1.5% on the amount from $250,000 to $400,000
• 2.0% on the amount from $400,000 to $2,000,000
• 2.5% on amounts above $2,000,000

On an $800,000 home in Milton, the Ontario land transfer tax would be approximately $12,475.

First-Time Home Buyer Rebate

First-time buyers in Ontario qualify for a rebate of up to $4,000 on provincial land transfer tax. To qualify, you must be a Canadian citizen or permanent resident, be 18 or older, have never owned a home anywhere in the world, and occupy the home as your principal residence within 9 months of closing. Full details and the online application are at Land Transfer Tax Refunds for First-Time Homebuyers — ontario.ca.

Note: If you are purchasing within the City of Toronto, an additional municipal land transfer tax applies. Milton and most of Halton Region are not subject to the Toronto LTT.

Flowers Team Real Estate has helped hundreds of first-time buyers in Milton maximize their rebates and minimize closing costs. Learn more about buying with Flowers Team or contact us directly.