Effective February 1, 2008 in Toronto, purchases of Real Estate are subject to Municipal Land Transfer Tax, in addition to Provincial Land Transfer Tax.
Below is a calculator to help you determine what you will be paying in Taxes. There are some exceptions to the rule, specifically for first time home buyers. Municipally, first time home owners are eligible for up to $3725 in rebates. Provincially, you can get up to $2000 in refunds. That is a total of up to $5725, which in most cases covers the average amount of tax for a first time buyer. Any purchase made outside of the City of Toronto, is only required to pay Provincial Land Transfer Tax. The following links provide some further information on this topic:
Land Transfer Tax Calculator (City of Toronto):