The good news is that 1st time home buyers DO NOT have to pay the 1st $4K in land transfer tax!
What is land transfer tax you say? In a nutshell land transfer tax is the amount that you pay the provincial government every time that you purchase a home. It varies on the price of your purchase.
A $800,000 home purchase your land transfer fee would be $12,475
When Considering A Home Purchase It Is Imperative That You Consider The Extra Costs Involved.
These Kind Of Surprises Are Never The Good Kind!
It Is Generally Safe To Calculate 2-4% Of The Purchase Price Tucked Aside To Allow For Closing Costs.
The Municipality Of Toronto Gets To Pay The Land Transfer Tax Amount X’s 2 Thankfully That Is Not The Case Here In SIMCOE!!