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<\/figure>\n\n\n\nCheck for City-Specific Requirements<\/h2>\n\n\n\n
Some cities also have specific requirements. For instance, in Toronto<\/a> and Montreal, properties are subject to a municipal land transfer tax, which can significantly increase the amount of land transfer tax paid. <\/p>\n\n\n\n In Toronto, a home bought at the provincial average of $834,123 is subject to $13,157 in provincial land transfer tax and $13,157 in municipal land transfer tax, equalling a total of $26,315. A home bought at the same price in Guelph<\/a> will only be subject to the provincial tax, meaning homeowners outside of Toronto can save $13,157 in land transfer taxes. <\/p>\n\n\n\n If you\u2019re a first-time buyer, it\u2019s always important to research ways to save money throughout the home-buying process. One such way is through the Land Transfer Tax Rebate which is available to first-time home buyers in Ontario. <\/p>\n\n\n\n First-time home buyers in Ontario may be eligible for a refund of up to $4,000, which may cover nearly all of the land transfer costs in some low-cost cities. Similarly, British Columbia, Prince Edward Island, and the City of Toronto provide land transfer tax rebates for eligible first-time home buyers. <\/p>\n\n\n\n
Here\u2019s How First-Time Buyers Can Get Some Money Back<\/h2>\n\n\n\n