A land transfer tax (LTT) is a levy imposed on the buyer of a property. It is charged in addition to the purchase price and the cost of legal fees, and it varies depending on where you live. In Ontario, for example, it’s calculated at either 1% of the sale price (for properties costing up to $400,000) or 2% of the sale price (for properties costing more than $400,000).
Since this can be a hefty expense for new home-owners, knowing how to calculate your land transfer tax can help you budget for it.
When buying a home in Barrhaven it is helpful to know the LTT. The same applies when you are looking to buy a home in Orleans, knowing the amount of LTT is important to many buyers.