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Purchasers in most large Canadian centres can add Land Transfer Taxes to their list of closing costs.
Unless you live in Alberta, Saskatchewan, or rural Nova Scotia, land transfer taxes (or property purchase tax) are a basic fact of life. These taxes, levied on properties that are changing hands, are the responsibility of the purchaser. Depending on where you live, taxes can range from a half a per cent to two per cent of the total value of the property.
Many provinces have multi-tiered taxation systems that can prove complicated. If you purchase a property for $260,000 in Ontario, for example, .5 per cent is charged on the first $55,000, 1 per cent is charged on $55,000 - $250,000, while the $250,000 - $400,000 range is taxed at 1.5 per cent. Your total tax bill? $2,375.00.
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The following chart illustrates Land Transfer Taxes by province.
| ONTARIO |
Land Transfer Tax ( go to calculator )
Up to $55,000 X .5 % of total property value
From $55,000 to $250,000 X 1 % of total property value
From $250,000 to $400,000 X 1.5 % of total property value
From $400,000 up X 2 % of total property value |
| BRITISH COLUMBIA |
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Property Purchase Tax
Up to $200,000 X 1 % of total property value
From $200,000 up X 2 % of total property value
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| MANITOBA |
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Land Transfer Tax
Up to $30,000 N/A
From $30,000 to $90,000 X .5 % of total property value
From $90,000 to $150,000 X 1 % of total property value
From $150,000 up X 1.5 % of total property value
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| QUEBEC |
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Transfer Tax
Up to $50,000 X .5 % of total property value
From $50,000 to $250,000 X 1 % of total property value
From $250,000 up X 1.5 % of total property value
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| NOVASCOTIA |
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Land Transfer Tax
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| Halifax Metro |
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1.5 per cent on total property value
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| Outside Halifax County |
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Check with local municipality.
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MID - JANUARY GTA MLS
GTA REALTORS® RELEASE MONTHLY MARKET FIGURES
TORONTO, February 3, 2012 – Toronto Real Estate Board reported 4,567 MLS sales in January 2012, up 8.8 % from the 4,199 sales reported in January 2011.
The average transaction price for January 2012 was $463,534 – up by almost 9% compared to January 2011.
The hope was that higher prices would produce more listings as the market tries to find equilibrium. But as usual the Buyers are out before the sellers are ready and the resulting imbalance has caused an immoderate price increase and heartache for buyers as they are again forced to compete for scarce listings.
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Summary of TorontoMLS® Sales and Average Price
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January 1 - 31
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2012
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2011
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Sales
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Average Price
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Sales
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Average Price
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City of Toronto ("416")
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1,705
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$499,045
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1,677
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$446,458
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Rest of GTA ("905")
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2,862
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$442,380
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2,522
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$412,000
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GTA
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4,567
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$463,534
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4,199
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$425,762
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ed 1,506 MILS during the first two weeks of January 2012., a 6% increase over the first 14 days of January 2011. New listings were also
2011 GTA MARKET REPORT
2011 MLS
TORONTO, January 5, 2012 The Toronto Real Estate Board reported 4,718 MLS transactions through the TorontoMLS® system in December 2011. This gave a total of 89,347 for the year – up four per cent in comparison to 2010 and is the second best year on record under the current Toronto Real Estate Board (TREB) boundaries. This despite an extended shortage of listings. . We could have sold more had we the product and possibly kept the year on year price increase below 8%. An increase from the $431,276 of 2010 to $465,412 in 2011. A more sustainable 4% increase is forecast for 2012 to an average price in the $480,000’s
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Summary of TorontoMLS® Sales and Average Price
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December 1-31
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2011
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2010
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Sales
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Ave. Price
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Sales
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Ave. Price
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City of Toronto "416"
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1,948
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$474,270
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1,818
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$463,580
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Rest of GTA "905"
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2,770
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$435,378
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2,468
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$411,383
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GTA
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4,718
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$451,436
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4,286
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$433,523
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