URGENT - Important Costly Changes to Toronto LTT

By: Thomas Cook

URGENT - Important Costly Changes to Toronto LTT

February 16, 2017 -- City of Toronto Council has approved changes to the Toronto Land Transfer Tax that mean additional Toronto Land Transfer Tax costs for some home buyers with a closing date on or after March 1, 2017, when it will be harmonized with the provincial LTT.

Click here to see the detailed City of Toronto Notice on the "original" proposed changes posted in December 2016 (NOTE: changes made to original proposals as per below).

Status

The following changes to the Toronto Land Transfer Tax were considered and approved by Toronto City Council on February 15, 2017. 

The changes are effective AS OF MARCH 1, 2017, for real estate transactions closing on or after this date:


TREB Efforts Achieved Significant Concessions – First-Time Buyers Protected

TREB, with the support of the Ontario Real Estate Association (OREA), undertook a comprehensive campaign to oppose the proposed changes. 

As a result of these efforts, significant concessions were made to the proposals that went forward for City Council's consideration as follows: