Land Transfer Tax (LTT) is a provincial tax charged in Ontario when someone buys a home or condo.  In Toronto, there is also a municipal tax, but outside that area, there is one LTT charged by the province.  Buyers of houses and condos in Ontario pay land transfer tax when they purchase a property, at the time of the registration of their Deed on the closing day.

Tax is calculated on the the purchase price as follows: amounts up to and including $55,000: 0.5%, amounts exceeding $55,000 up to and including $250,000: 1.0%, and amounts exceeding $250,000: 1.5%

First time home buyers can receive a LTT rebate of up to $4,000.00 if they qualify.

You can read all about the ins and outs of LTT here: https://www.fin.gov.on.ca/en/tax/ltt/

Written by me, Dr. Jim Graszat, DDS