Navigating Upcoming Financial Tides in Toronto
The City of Toronto already has a double land transfer tax on all residential transactions - part goes to their coffers; part to the Province. In September, they adopted an additional graduated Municipal Land Transfer Tax (MLTT) for homes above $3 million.
These taxes will take effect on January 1, 2024. So, if you are considering buying and could be impacted by this new tax, now is the time to act so you can close before the end of the year. BUT - that is not all.
Other initiatives are also being investigated, but the ones noted above are the main ones that will impact home buyers.
Stay tuned for details as they become available.
If you are ready to buy or sell in the coming weeks or months, our team is here to help you every step of the way.