Listed Properties
Arthur Sercan
&
Jenny Spanos

Sales Representatives

RE/MAX Hallmark Realty Ltd., Brokerage

office:416-494-7653
Visit me on FacebookFollow me on TwitterVisit me on LinkedIn
Visit  blog
Our videos on YouTube
Search For Property
Buying Home
Selling Home
Buying a Condo
Land Transfer Tax
Free Reports
Articles of Interest
Client Reports
Important Resources
In The News
HST
Personal Information
Funny Real Estate
Best Fixed - 5 year
2.64%
Best Variable - 5 year
1.94%
Listed Properties

Leased

click image for details

netila

 

Store Front on Avenue Road

Opportunity to Start Your Own Business!!

avenue

Proposed and Current Land Transfer Tax 

Municipal Land Transfer Tax 

MLTT Rates and Calculation

Proposed Municipal Land Transfer Tax (MLTT) changes

At its meeting of December 13-15, 2016 City Council deliberated item EX20.2 and decided that changes to the Municipal Land Transfer Tax (MLTT) rate structure and rebate structure and eligibility criteria, should be considered as part of the City's 2017 Budget process, with a proposed implementation date of March 1, 2017.

The proposed changes are illustrated in the chart below, and are based on harmonizing the City's tax structure with the recently announced Provincial LTT changes that will be implemented January 1, 2017.

Proposed New Municipal Land Transfer Tax rates for March 1, 2017

Value of Consideration 
Residential *
All other properties
Current Rates
Proposed Rates
 
 
 
 
 
 
 
Current Rates
Proposed Rates
 
$0-$55,000.00
0.50%
0.50%
0.50%
0.50%
$55,000.01 - $250,000.00
1.00%
1.00%
1.00%
1.00%
$250,000.01 - $400,000.00
1.00%
1.50%
1.00%
1.50%*
>$400,000.00
2.00%
2.00%
1.50%
2.00%*
>$2 million
2.50%*
>$40 million
1.00%
* Residential = properties with not more than 2 single-family residences
 
Proposed First Time Home Buyers Rebate
Current Maximum Rebate
Proposed Maximum Rebate
$3,725
corresponding to VOC $400,000
$4,000*
corresponding to VOC $368,000*

*Proposed amendments

In addition, to the above identified MLTT rate changes, the City is proposing to amend the first-time homebuyer rebate program eligibility rules to make them consistent with the current Ontario Land Transfer Tax (LTT) rules by restricting rebate eligibility to Canadian citizens or permanent residents of Canada.

Two important differences between the City's proposals and the new Provincial rules:

  • the City's proposed changes did not include grandparenting provisions to exempt transactions that will have been initiated prior to March 1, 2017
  • the City will consider implementing an eligibility cap for the first time home buyer rebate based on a maximum eligible transaction price (amount yet to be determined).

 

For more information, please see the December 13, 2016 Council report and decision.

Final decisions regarding amendments to the MLTT rate and rebate structure are expected to be made and adopted by Council at its meeting on February 15, 2017.

 

Current MLTT Rates and Calculations

The MLTT will be charged on a graduated basis depending on the value of consideration paid for the property.

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%  plus
$55,000.01 to $400,000.00 1.0%  plus
Over $400,000.00 2.0%


For all other property with a consideration value:

 
Value of Consideration MLTT Rate
Up to and including $55,000.00 0.5%  plus
$55,000.01 to $400,000.00 1.0%  plus
$400,000.01 to $40,000,000.00 1.5%  plus
Over $40,000,000.00 1.0%

 



Example: A home with a consideration value of $500,000.00 (excluding GST):
 

MLTT Rate Calculation
0 to $55,000.00 $55,000.00 x 0.005 = $275.00
$55,000.01 to $400,000.00 $344,999.99 x 0.01= $3,450.00
$400,000.01 to $500,000.00 $99,999.99 x 0.02= $2,000.00
Total MLTT= $5,725.00

 

Recently SOLD Homes

Have Your Home Featured Here!!!

SOLD

 

robina sold

shelbornecanterbury

 

 

 

 

 

       

       Stunning Stouffville Home

804 Millard Street

SOLD FIRM

OVER ASKING

Millard

 

"HOT" Properties

"HOT" Properties

aeroplan
Find Your Dream HomeFree Evaluation
If the time has come for You to "Find Your Dream Home", then I would love to help. New properties are listed every day. By filling out the form, I can have new Listings emailed to You as soon as they become available.The Equity in your home is like any other investment - it needs to be monitored. Homeowners should have their Equity evaluated once a year.
Now might be the perfect time...
more
more
Did you know?

Did you know?

Bidding wars make a comeback? IS A HOME A GOOD INVESTMENT?
As housing sales return to positive territory, parts of the Toronto market go from 'famine to frenzy'. Annoyingly for buyers, rejoicingly for sellers, bidding wars for Toronto real estate have surged back from extinction. House sales for the first two weeks in May were For those wanting a steady return on their money, houses can be a sure bet. When the baby boomers started madly buying houses
more
more
THERE ARE RENOVATION LOAN GRANTS:8 COMMON MISTAKES MOST HOME SELLERS MAKE
This Grant offers financial assistance to low-income households 1. Failure to effectively market the property. Good marketing distinguishes your home from hundreds
more
more
adminlistingsprivacy policycontactsite map