Buyers will have to add Land Transfer Taxes to their closing costs.

These taxes, levied on properties that are changing hands, are the responsibillity of the BUYER.

The following chart illustrates Land Transfer Tax in Ontario.

0.5% on the first $55,000 of the purchase price
1.0% of the amount from $55,000 to $250,000
1.5% of the amount in excess of $250,000 to $400,000
2% of the amount in excess of $400,000
For example, the Land Transfer Tax on a house costing $250,000 would be $2,225.00

This is calculated as follows:
$55,000 x 0.5% = $275.00
$195,000 x 1% = $1,950.00
Adding these two amounts together = $2,225.00