How Much is the Land Transfer Tax on Your Oakville Home Purchase

OAKVILLE NEIGHBOURHOODS AND HOME PRICES

All Buyers get hit with Ontario Land Transfer Tax... except First-Timers

How Provincial Land Transfer Tax is Calculated:

Provincial Land Transfer Tax is payable by any home buyer anywhere in Ontario. There is an additional Land Transfer Tax that applies only to homes in Toronto. Try this easy use to Land Transfer Tax Calculator.

The provincial LTT works on a sliding scale with the price of the home as follows:

0.5% of the amount of the purchase priceup to and including $55,000,
plus 1% of the amount of the purchase price between $55,000 and $250,000,
plus 1.5% of the amount of the purchase price between $250,000 and $400,000,
plus 2% of the amount of the purchase price above $400,000

Not Much Else is Certain in Life Except Death and Taxes

Land Transfer Tax Rebate for First Time Home Buyer:

The Maximum provincial LTT first-time buyer rebate is $2,000 (equivalent to the provincial LTT payable on a $227,500 property). This applies to the purchase of either a Resale or New Construction home.

To be eligible for the provincial LTT rebate:

The purchaser must be at least 18 years of age.
The purchaser must occupy the home as his or her principal residence no later than nine months after the date of the conveyance or disposition.
The purchaser cannot have previously owned a home, or had any ownership interest in a home, anywhere in the world, at any time.
If the purchaser has a spouse, the spouse cannot have owned a home, or had any ownership interest in a home, anywhere in the world while he or she was the purchaser’s spouse.