Land transfer tax (LTT) is often overlooked when considering the total cost of purchasing a home. In Ontario the tax is calculated as a percentage of property value, using asking price as a close estimate. Homebuyers in Toronto also incur an additional municipal tax.
To help offset the unwelcome cost, Ontario and the City of Toronto offer land transfer tax rebates for first-time homebuyers. There is no municipal land transfer tax in London, Ontario.
When you’re ready to purchase your new home, call the London, Ontario Real Estate Lawyers at Daley & Associates. We provide purchase and sale real estate legal services in London, Ontario and the surrounding region. Click here for a full listing of the services provided by our London real estate lawyers.