Luxury land transfer tax in Toronto

As of January 1, 2024, Toronto has introduced a luxury home tax applicable to properties valued at or exceeding $3 million. For individuals who acquired a home in 2023 with a closing date in 2024, the tax is determined based on the closing date. Here's the official breakdown of the Toronto portion of the land transfer tax:

Value of Consideration                         MLTT Rate

Up to and including $55,000.00                0.5%

$55,000.01 to $250,000.00                       1.0%

$250,000.01 to $400,000.00                     1.5%

$400,000.01 to $2,000,000.00                   2.0%

$2,000,000.01 to $3,000,000.00               2.5%

$3,000,000.01 to $4,000,000.00               3.5%

$4,000,000.01 to $5,000,000.00               4.5%

$5,000,000.01 to $10,000,000.00             5.5%

$10,000,000.01 to $20,000,000.00           6.5%

Over $20,000,000.00                                 7.5%