Chestnut Park Real Estate Ltd, Brokerage
HELEN BRAITHWAITE - BROKER
Chestnut Park Real Estate Limited, Brokerage.
1300 Yonge Street, Suite 100 Toronto, Ontario M4T 1X3
416-925-9191 | 416-561-3114 helenbraithwaite@chestnutpark.com

Clarity on Toronto’s New Luxury Property Land Transfer Tax

The City of Toronto has now created a calculator to bring clarity on what land transfer costs will be for the new luxury land transfer tax for properties over $3 million. The table below shows the thresholds for this graduated tax. I believe having clarity as to what the actual costs are for this new tax will ease prospective home buyers.

Current MLTT Rates and Calculations

For property containing at least one, and not more than two, single family residences with a consideration value of:

Value of consideration MLTT Rate
Up to and including $55,000.00 0.5%
$55,000.01 to $250,000.00 1.0%
$250,000.01 to $400,000.00 1.5%
$400,000.01 to $2,000,000.00 2.0%
$2,000,000.01 to $3,000,000.00 2.5%
$3,000,000.01 to $4,000,000.00 3.5%
$4,000,000.01 to $5,000,000.00 4.5%
$5,000,000.01 to $10,000,000.00 5.5%
$10,000,000.01 to $20,000,000.00 6.5%
Over 20,000,000.00 7.5%

 The City of Toronto Municipal Land Transfer Calculator

I have created a table below for quick reference as to what the land transfer costs will be commencing January 1, 2024

 

*Please note this table doesn’t take into the first time home buyer credit. That can be adjusted for on the tax calculators.