How much is the land transfer tax in your province?

All provinces have a land transfer tax, with the exception of Alberta and Saskatchewan.  Ontario, British Columbia, Prince Edward Island and the city of Toronto offer land transfer tax rebates for first-time homebuyers. Thinking about purchasing some property? Make sure you review land transfer taxes when completing your budget and considering your Canadian mortgage rate.

Ontario first-time homebuyer land transfer tax rebate

Equal to the full value of the land transfer tax up to a maximum of $2,000.

Eligibility

• The buyer must be older than 18 years, occupy the home within nine months of purchase, and cannot have owned a home anywhere in the world.

Purchasing a home in Toronto incurs an additional municipal land transfer tax.

Toronto first-time homebuyer land transfer tax rebate

Eligible to receive a refund up to a maximum of $3,725.

Eligibility

• The buyer must be older than 18 years, occupy the home within nine months of purchase, and cannot have owned a home anywhere in the world. 

British Columbia first-time homebuyer land transfer tax rebate

First-time homebuyers and best mortgage rate holders are eligible to receive a full land transfer tax refund on homes purchased for $425,000 or less.

Eligibility

• You are Canadian citizens or permanent residents, have never owned an interest in a principal residence anywhere in the world at anytime.

Alberta and Saskatchewan land title transfer fees

Though Alberta and Saskatchewan don’t have a land transfer tax, there is a charge for title transfer fees. This fee should be taken into consideration when calculating your low mortgage rate and closing costs.