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.
