Canada — Property: Property Taxes

Key facts

• Ontario land transfer tax: 0.5% to $55,000; 1.0% to $250,000; 1.5% to $400,000; 2.0% above $400,000; plus 2.5% above $2,000,000 for one or two single-family residences.
• Toronto adds a separate municipal land transfer tax with the same breakpoints; Toronto's council approved higher rates for high-value homes from 1 April 2026 (check the City's current schedule).
• First-time buyer relief: Ontario refund up to $4,000 and Toronto rebate up to $4,475 (full relief on purchases up to about $368,000 provincially and $400,000 municipally).
• BC property transfer tax: 1% on the first $200,000; 2% from $200,000 to $2,000,000; 3% above $2,000,000; plus a further 2% on residential property above $3,000,000.
• BC first-time home buyers' exemption: homes up to $835,000 qualify (from 1 April 2024); the exemption is up to $8,000 and phases out between $835,000 and $860,000.

Costs

• Ontario land transfer tax: 0.5%–2.0% marginal, 2.5% above $2M (1–2 family homes)
• BC property transfer tax: 1%–3% marginal, +2% above $3M residential

Common mistakes

• Forgetting that Toronto buyers pay both the Ontario land transfer tax and Toronto's municipal land transfer tax.
• Assuming federal rules apply — transfer taxes are set by each province.

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