Land Transfer is a one time payment you make when you are purchasing property. In Canada, when you purchase a property (this includes condos), you have to pay for not only that property, but you pay a tax to the Province for the land that proeprty sits on. If you are purchasing in Toronto, then you actually have to pay Land Transfer Provincially and Municipally (that’s right 2 times). The rest of Canada, pays one Land Transfer Tax.
This is not to be confused with your Property Taxes which are paid annually. It is also important to note that Land Transfer costs cannot be added to your mortgage, you must pay them in full following the close of your home.
As a first time homebuyer you are eligable to a Land Transfer Tax Rebate. And for those purchasing in Toronto there is both a Provincial and Municipal Rebate. You can head over to my website and under ‘Resources’ you will find a Land Transfer Calculator that will give you the exact amounts you will pay depending on the purchase price of your property.