In January 2024, Toronto will undergo a significant transformation in its Municipal Land Transfer Tax (MLTT) rates. While the existing rates for properties valued up to $3,000,000 will remain unchanged, there will be a notable adjustment in tax rates for any portion of the purchase price exceeding this threshold. These modifications will be applied on a progressive scale, meaning that the tax rate will incrementally increase with the property’s value.
For individuals interested in purchasing high-value properties, these revised rates will have a substantial impact on the overall cost of acquiring a new residence. While the city’s motivation behind these changes is to generate additional revenue, it is import for potential buyers to understand the implications of these adjustments for their financial planning and budgeting.
Here’s a breakdown of now vs. 2024 for only the municipal portion of Land Transfer Tax levied when purchasing a property in Toronto. Remember, there’s also the provincial portion of Land Transfer Tax which doubles the amount of tax paid.
Purchase Price of $3M
MLTT 2023 = $61,475
MLTT 2024 = $61,475
*the new rate structure only applies to properties over $3M
Purchase Price of $4M
MLTT 2023 = $86,475
MLTT 2024 = $96,475
$10,000 increase
Purchase Price of $5M
MLTT 2023 = $111,475
MLTT 2024 = $141,475
$30,000 increase
Purchase Price of $10M
MLTT 2023 = $236,475
MLTT 2024 = $416,475
$180,000 increase
To explore how this impacts you and your particular situation or to peruse fall’s luxury offerings both on and off market please reach out. It might be beneficial to purchase and close prior to January 1, 2024.
Kimmé Myles
Matching her knowledge of Toronto’s eclectic mix of central core neighbourhoods and impassioned by her diverse mix of buyers and sellers, Kimmé is naturally motivated to create a positive and professional experience. Kimmé does her homework and knows her inventory. She is genuine, honest and a straight shooter. Nor is she afraid to think “outside the box” as she employs creative strategies to make dreams become reality.
Born and raised in Toronto and coming from a successful fashion background in design and management, Kimmé could not have met a better match for her entrepreneurial skills than by working in Real Estate. Inspired by her father, well known Toronto clothier to the stars, “Lou Myles”, she learned from a very young age to work hard and strive for excellence.
Licensed since 2005 as a full time Sales Representative and a Broker since 2016, she continues to be proud to be affiliated with the Toronto office of Sotheby’s International Realty Canada and to be part of the highly respected world renowned global luxury brokerage, Sotheby’s International Realty.
Kimmé has received numerous sales awards throughout her career including the prestigious Gairdner, Diamond and President’s Awards. She has completed extensive negotiation training and is among a select group of realtors in Canada to hold the Master Certified Negotiation Expert (MCNE) Designation and the Certified Negotiation Expert (CNE) Designation. In addition, she is a member of the prestigious U.S. based Institute of Luxury Home Marketing and also carries the Luxe – Luxury Listing Specialist Designation. She holds the SRS Designation – Seller Representation Specialist and the SRES Designation –Senior Real Estate Specialist – both accredited programs through NAR – The National Association of Realtors, USA.
Entrusted with the life choices of her clients, Kimmé is truly honoured to have the opportunity to serve and assist others and does so with integrity, commitment and enthusiasm.
