Oakville has the 2nd highest land transfer tax on new home purchases in Canada
Published May 14, 2023 at 8:20 am
Three of the Top 10 most expensive places in Ontario for land transfer tax are in Halton – Oakville, Burlington and Milton – and Halton Hills isn’t far behind.
Online real estate company Zoocasa recently took a look at one of those home-buying costs many people forget about, and one that can set you back several thousand dollars.
The land transfer tax is charged by the province and is determined based on the total purchase price of the home. It must be paid upfront, but there are rebates for first-time buyers in Ontario of up to $4,000.
No surprise that Toronto is No. 1 on the list, as there is also a municipal fee to be paid. But that will sometimes make its way back to the homeowner over time, as Toronto has a very low municipal tax rate.
Second on the list is Oakville, with an average home price of $1.58 million and a land transfer tax average of $24,077.
Burlington is eighth with an average home price of $1.29M and a land transfer tax average of $18,265.
Milton is 10th at $1.11M and LTT of $14,852 and Halton Hills is in 15th with an average home price of $1.05M and an LTT of $13,590.inhalton's Editorial Standards and Policies advertising