Land transfer tax (LTT) is probably one of the most overlooked costs in the home buying process. You definitely need to consider this cost because all provinces in Canada have a requirement to pay a land transfer tax, except Alberta and Saskatchewan (have a much smaller fee). In most provinces and especially in Ontario, the land transfer tax is calculated as a percentage of the property value, using the asking price as a close estimate. If you're looking to purchase your home in Toronto, you will also incur an additional municipal tax. Have any questions? We're a phone call or an email away!
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