
Details
- 2 Bedrooms
- 1 Bathroom
- 2 Parking Spaces
- $3,511.27 Property Taxes
Your Property My Priority
416.322.8000
No Title
No Description
Living at a hotel could be cheaper than renting your own condo in Toronto. Floating homes on the lake for sale in Toronto.
No Title
An interactive map shows all the fallen soldiers in Toronto for Remembrance Day.
An interactive map shows all the fallen soldiers in Toronto for Remembrance Day.
A.I. for Airbnb Hosts (Ben Mulroney – Global News 640 Toronto)
How is artificial intelligence helping Airbnb hosts filter guests? Some cottage country municipalities making it harder to rent out cottages.
How is artificial intelligence helping Airbnb hosts filter guests? Some cottage country municipalities making it harder to rent out cottages.
Airbnb’s in Condo Buildings (Ben Mulroney – Global News 640 Toronto)
Does every condo building allow Airbnb’s?
Does every condo building allow Airbnb’s?
In an effort to generate more revenue for the City of Toronto, Toronto’s Council has approved a new Mansion Tax for homes over $3 million.
If you buy and close on a property prior to Dec. 31st, 2023 you can avoid this additional tax.
The new graduated land transfer tax (LTT) increases would apply as follows:
Value of Property | New Tax | Old Tax |
---|---|---|
$4 mill to $5 mill | 4.5% Toronto + 2.5% Province | 2.5% Toronto + 2.5% Province |
$5 mill to $10 mill | 5.5% Toronto + 2.5% Province | 2.5% Toronto + 2.5% Province |
$10 mill to $20 mill | 6.5% Toronto + 2.5% Province | 2.5% Toronto + 2.5% Province |
$20 mill and more | 7.5% Toronto + 2.5% Province | 2.5% Toronto + 2.5% Province |
If you have a home valued at over $3 million and want to upsize, you might want to consider selling your home this fall and ensure you close before Christmas so that you can avoid this additional tax which will most likely kick in January 2024.
This also means that those who live in houses over $3 million will most likely stay put after Jan. 2024 further restricting our housing inventory.
Here is an example to show you how much you will pay with this additional tax:
Property value | LTT until Dec. 31, 2023 | LTT after Jan. 1st, 2024 | Increase Tax Owed |
---|---|---|---|
$3,500,000 | $147,950 | $152,950 | $5,000 |
$4,500,000 | $197,950 | $217,950 | $20,000 |
$5,500,000 | $247,950 | $292,950 | $45,000 |
Contact us: 416.509.3286 or Davelle@BosleyRealEstate.com