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What the province — and, in Toronto, the city — will want on closing day. Payable in cash, on top of your down payment.
Land transfer tax due on closing
$16,475
The same purchase inside Toronto would cost $32,950 — worth knowing before you widen a search across the city boundary.
Land transfer tax works like income tax: each rate applies only to the slice of the price that falls inside its band. A million-dollar home doesn't pay 2% on the whole million — it pays 0.5% on the first $55,000, then 1% on the next slice, and so on. Anyone quoting you a single percentage of the purchase price is overstating it.
This is one line on your closing statement. You'll also need legal fees, title insurance, a home inspection, and adjustments for property tax the seller has already paid. Budget for closing costs beyond your down payment — and if you're putting down less than 20%, add the provincial sales tax on your mortgage insurance premium, which also has to be paid in cash.
An estimate, not advice
These figures are calculated from published government and insurer rules and are for general guidance only. They are not a mortgage approval, a quote, or legal, tax or financial advice. Lenders apply their own qualifying policies, and your own circumstances will change the result — confirm anything you plan to rely on with your mortgage professional and your real estate lawyer before you commit to a purchase or a sale. Rates, tax brackets and insurance premiums change without notice.
Statutory figures current as of . Questions about your own numbers? Ask me directly or call 416-998-1882.
