Closing Costs on a North York Condo, With the Tax Worked Out

Land transfer tax comes first

When you buy a condo in Toronto, closing costs start with land transfer tax and a North York buyer pays it twice. North York is part of the City of Toronto, so both the Ontario land transfer tax and the Toronto municipal land transfer tax apply.

On a $650,000 condo each tax is $9,475, which makes $18,950. If you qualify for the full first-time buyer refund from Ontario and the full rebate from the City, you pay $10,475.

Those are the costs with a published rate. Legal fees, title insurance, adjustments and lender fees have none, so we name them below and leave the amounts to your quotes.

The two land transfer taxes and their brackets

Each tax is charged in slices and only the part of the price inside a bracket is taxed at that bracket’s rate. For a condo priced up to $2,000,000 the Ontario and Toronto brackets are the same.

Part of the price	Ontario rate	Toronto rate
Up to $55,000	0.5%	0.5%
$55,000.01 to $250,000	1.0%	1.0%
$250,000.01 to $400,000	1.5%	1.5%
$400,000.01 to $2,000,000	2.0%	2.0%

The Ontario rates have been in effect since January 1, 2017. Above $2,000,000 both governments publish higher rates for property with one or two single family residences and from April 1, 2026 the City also applies graduated rates on the part of a price above $3,000,000. Ask your lawyer how those apply before you offer at that level.

The City also charges an administration fee of $102.56 plus HST on each municipal land transfer tax transaction.

Three worked examples

These prices are round numbers we picked as examples, not market figures. Each column applies the brackets above to one price.

Slice	Sum	$500,000 condo	$650,000 condo	$900,000 condo
First $55,000 at 0.5%	$55,000 x 0.5%	$275	$275	$275
Next $195,000 at 1.0%	$195,000 x 1.0%	$1,950	$1,950	$1,950
Next $150,000 at 1.5%	$150,000 x 1.5%	$2,250	$2,250	$2,250
Amount above $400,000 at 2.0%	$100,000, $250,000 and $500,000 x 2.0%	$2,000	$5,000	$10,000
Ontario land transfer tax	Sum of the four slices	$6,475	$9,475	$14,475
Toronto land transfer tax	Same four slices	$6,475	$9,475	$14,475
Both taxes	Ontario plus Toronto	$12,950	$18,950	$28,950

Next, the same three purchases for a buyer who qualifies for both first-time buyer programs.

Step	$500,000 condo	$650,000 condo	$900,000 condo
Ontario tax	$6,475	$9,475	$14,475
Less Ontario refund, up to $4,000	$4,000	$4,000	$4,000
Ontario tax payable	$2,475	$5,475	$10,475
Toronto tax	$6,475	$9,475	$14,475
Less Toronto rebate, up to $4,475	$4,475	$4,475	$4,475
Toronto tax payable	$2,000	$5,000	$10,000
Both taxes payable	$4,475	$10,475	$20,475
Saved against the full amount	$8,475	$8,475	$8,475

To run your own price, use the land transfer tax calculator. For a realistic starting figure, our post on how much a condo costs in North York has the published district prices.

First-time buyer rebates

The two programs are separate and each has its own conditions.

Ontario refund, up to $4,000:

• The buyer is at least 18 and a Canadian citizen or permanent resident.
• The buyer has never owned a home or an interest in a home anywhere in the world.
• The buyer’s spouse has not owned a home while being the buyer’s spouse.
• The buyer occupies the home as a principal residence within nine months of the transfer.
• The refund is claimed within 18 months of registration.

Ontario says the effect is that a qualifying buyer pays no Ontario land transfer tax on the first $368,000 of the price.

Toronto rebate, up to $4,475:

• It is available on newly built and resale homes.
• The buyer is at least 18 and occupies the home as a principal residence no later than nine months after the transfer.
• The buyer has never owned a home or an interest in a home anywhere in the world, with the same rule for a spouse.
• The buyer is a Canadian citizen or permanent resident. A person who becomes one within 18 months of the transfer may apply.

The Toronto rebate equals the Toronto tax on the first $400,000, since $275 plus $1,950 plus $2,250 is $4,475. Eligibility depends on the details of your history, so confirm it with a lawyer before you count on either amount.

Foreign nationals face a separate charge. Ontario’s Non-Resident Speculation Tax is 25% and applies to condominium units anywhere in the province. The City of Toronto lists a municipal version at 10%. A lawyer can tell you whether either applies to you.

The status certificate

Before you buy a resale condo, order a status certificate. It sets out the financial and legal position of the condominium corporation. The Condominium Authority of Ontario says anyone can request one, the corporation can charge up to $100 including all applicable taxes and it must be provided within 10 days.

The certificate includes the declaration, by-laws and rules, the current budget, the last audited financial statements, a statement on the reserve fund and its most recent study, the common expenses for the unit and any arrears, planned increases and special assessments, the insurance certificate and any outstanding judgments or litigation. Have a lawyer review it. The $100 is small next to the taxes, but what the review finds can decide whether you buy.

Property tax after closing

Property tax is a running cost that starts at closing. The City of Toronto’s total residential rate for 2026 is 0.767311% of assessed value:

Part	2026 rate
City tax rate	0.605295%
Education tax rate	0.153000%
City Building Fund	0.009016%
Total	0.767311%

The City’s own example applies the rate to an assessed value of $692,140, which gives $5,311 a year. The tax follows the unit’s assessed value, not the price you pay, so ask for the current tax bill.

HST on a new condo

Buying a new unit from a builder raises a sales tax question. The Canada Revenue Agency’s guide to the GST/HST new housing rebate describes two standing rebates:

• A federal rebate of 36% of the federal part of the HST, to a maximum of $6,300. It is paid in full on homes up to $350,000 and phases out to nothing at $450,000.
• An Ontario rebate of 75% of the provincial part of the HST, to a maximum of $24,000, with no price ceiling. The home must be the primary place of residence of the buyer or a relation.

Newer federal and Ontario programs for first-time buyers and for agreements signed in a set window, have their own conditions. A new unit can also carry an interim occupancy fee before final closing. Our North York pre-construction condo guide and the post on pre-construction versus resale cover both. Confirm the tax treatment of any builder agreement with a lawyer and an accountant.

Costs to get quotes for

We have no published rate for these items, so we give no amounts. Ask for each in writing.

• Legal fees and disbursements. Ask your lawyer to separate the fee, the disbursements and the tax.
• Title insurance. Ask your lawyer what a policy costs and what it covers.
• Adjustments. Your lawyer calculates the amounts settled between buyer and seller on closing.
• Lender fees. Ask your mortgage professional what the lender charges.

Checklist before you offer

1. Work out both land transfer taxes at your price and check each first-time buyer condition.
2. Ask two or three lawyers for written quotes.
3. Ask your mortgage professional for the lender’s costs. The North York mortgage calculator estimates the payment.
4. Ask for the unit’s current property tax bill and common expenses.
5. Order the status certificate and have a lawyer read it.

The same tax rules apply across North York, whether you are looking at Yonge and Sheppard condos or Bayview Village condos, because both are in the City of Toronto. You can browse the condo listings by area or read the North York condo buying guide for the full process. This is general information, so confirm your own figures with a lawyer, an accountant or a mortgage professional. If you want help pricing a specific unit, contact us.