IN PERSPECTIVE: SOME FACTS ‘N’ FIGURES ON BUYING A HOME IN GREATER TORONTO

FACTS&FIGURES1

MUNICIPAL TAXES IN 2013 ON A $400,000 HOUSE OR CONDO IN THE GREATER TORONTO AREA (GTA)
City of TORONTO – $2,983*
Markham – $3,465
Oakville – $3,644
Mississauga – $3,707
Halton Hills – $3,741
Newmarket – $4,204
Brampton – $4,625
Waterloo – $4,840
Pickering – $5,297
Hamilton – $5,640

*In TORONTO, the municipal land transfer tax on purchases of all property is 0.5% on the first $55,000, 1% on the amount between $55,000 and $400,000, and 2% on the amount over $400,000. First-time homebuyers pay no city land transfer tax on the first $400,000 of the purchase price – (TREB) Toronto Real Estate BoardAVERAGE AMOUNT SPENT ON A FIRST HOME IN CANADA’S LARGEST CITIES
VANCOUVER – $506,500
TORONTO – $408,300
CALGARY – $363,400
MONTREAL – $237,900
QUEBEC CITY – $222,300

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