Wednesday, 31 December 2008

Calculating the Toronto Land Transfer Tax

Straight from TREB, here's several ways to calculate the Land Transfer taxes (both provincial and city of Toronto). While not identical calculations, they're pretty close.

Provincial Land Transfer Tax
(Applies to all Ontario properties, including Toronto)

0.5% on the first $55,000
plus 1.0% of the amount from $55,001 to $250,000
plus 1.5% of the amount in excess of $250,001 to $400,000
plus 2.0% of the amount in excess of $400,000

Toronto Land Transfer Tax
(Applies to Toronto properties only)

0.5% on the first $55,000
plus 1.0% of the amount from $55,001 to $400,000
plus 2.0% of the amount in excess of $400,000

OR

Use the following formula:
(Provincial land transfer tax only)

Purchase Price

Calculation of LTT

0 - 55,000

.005 x Amount

55,001 - 250,000

(.01 x Amount) minus 275

250,001 - 400,000

(.015 x Amount) minus 1,525

400,000 +

(.02 x Amount) minus 3,525

If the purchase price falls within this range, then apply formula to purchase price

(e.g. on a $175,000 home (.01 X 175,000) minus 275=LTT)

OR

4. LTT Reference Table

The following numbers are for reference only. Your individual land transfer tax calculation should be calculated and verified by your solicitor. The following chart is based on the Land Transfer Tax (LTT) levied by the Province of Ontario as at May 1996, and the City of Toronto land transfer tax, which takes effect on February 1, 2008. Please note that the provincial and Toronto land transfer taxes can be amended by the Province and Toronto City Council.

Purchase Price

Provincial
LTT

(Applies to all
Ontario Properties,
including Toronto)

Toronto
LTT

(Applies to Toronto Properties only)

$55,000

$275

$275

$60,000

$325

$325

$65,000

$375

$375

$70,000

$425

$425

$75,000

$475

$475

$80,000

$525

$525

$85,000

$575

$575

$90,000

$625

$625

$95,000

$675

$675

$100,000

$725

$725

$105,000

$775

$775

$110,000

$825

$825

$115,000

$875

$875

$120,000

$925

$925

$125,000

$975

$975

$130,000

$1,025

$1,025

$135,000

$1,075

$1,075

$140,000

$1,125

$1,125

$145,000

$1,175

$1,175

$150,000

$1,225

$1,225

$155,000

$1,275

$1,275

$160,000

$1,325

$1,325

$165,000

$1,375

$1,375

$170,000

$1,425

$1,425

$175,000

$1,475

$1,475

$180,000

$1,525

$1,525

$185,000

$1,575

$1,575

$190,000

$1,625

$1,625

$195,000

$1,675

$1,675

$200,000

$1,725

$1,725

$205,000

$1,775

$1,775

$210,000

$1,825

$1,825

$215,000

$1,875

$1,875

$220,000

$1,925

$1,925

$225,000

$1,975

$1,975

$230,000

$2,025

$2,025

$235,000

$2,075

$2,075

$240,000

$2,125

$2,125

$245,000

$2,175

$2,175

$250,000

$2,225

$2,225

$255,000

$2,300

$2,275

$260,000

$2,375

$2,325

$265,000

$2,450

$2,375

$270,000

$2,525

$2,425

$275,000

$2,600

$2,475

$280,000

$2,675

$2,525

$285,000

$2,750

$2,575

$290,000

$2,825

$2,625

$295,000

$2,900

$2,675

$300,000

$2,975

$2,725

$305,000

$3,050

$2,775

$310,000

$3,125

$2,825

$315,000

$3,200

$2,875

$320,000

$3,275

$2,925

$325,000

$3,350

$2,975

$330,000

$3,425

$3,025

$335,000

$3,500

$3,075

$340,000

$3,575

$3,125

$345,000

$3,650

$3,175

$350,000

$3,725

$3,225

$400,000

$4,475

$3,725

$450,000

$5,475

$4,725

$500,000

$6,475

$5,725

$550,000

$7,475

$6,625

$600,000

$8,475

$7,725

$650,000

$9,475

$8,725

$700,000

$10,475

$9,725

$750,000

$11,475

$10,725

$800,000

$12,475

$11,725

$850,000

$13,475

$12,725

$900,000

$14,475

$13,725

$950,000

$15,475

$14,725

$1,000,000

$16,475

$15,725

see calculation chart at top of page

For additional information please contact the Ontario Ministry of Finance at 905-433-6361 (for provincial land transfer tax questions) or the City of Toronto at 416-338-0338 (for Toronto land transfer tax questions). The Toronto Real Estate Board assumes no responsibility for the accuracy or completeness of the information set out in this section.

Monday, 22 December 2008

Christmas Lights 2008!


Interested in checking out some exceptionally decorated Christmas homes in the GTA?

We are too!

Here are some of our favourite picks.
Please add your own streets that you feel are worth seeing - we'd love to check them out!

#1 Pick - 4 Rosea Court in Richmond Hill - over 50,000 lights this year! Visit http://www.lindsaylights.com/ for more info. It's actually a very active light show - tune your radio to 104.9 FM for the music. Clark Griswald, step aside. Here's a map.

Are you near South Pickering? Then check out several streets on each side of Frenchman's Bay. On the east side, there several well-done homes on Ilona Park Road. Here's a map. One house in particular here, was just covered in the Toronto Star - click here for the article.

And on the west side of the bay, several streets including Vicki Drive, make the trip worthwhile. Here's this map.

If you send me directions to any other gems, I'd be happy to post them here, too!

From a photography-interest side of things, if you've taken some good night pics of Christmas lights, I'd love to both see them and hear what settings you used to take the pics. I'm always interested in comparing photography notes.

Thursday, 11 December 2008

Recent Real Estate Articles in the Media

Here are some interesting real estate articles that I've come across this week....

  • On the importance of home staging in a down market - click here
  • And another one - click here
  • On dealing with a buyer's market - click here
  • Pros and cons of a back-split - click here
  • On how Mayor Miller's city of Toronto tax helped kill the market - click here
  • On falling home prices - click here
  • A good warning on the merits of a home inspection - click here - it also gives a great example of why you should turn off your water when you take a winter vacation!
Enjoy!