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Purchasing a home is a smart investment. Yet whether you are buying a home, refinancing or simply renewing, the mortgage you choose is an important decision. Working with an independent mortgage professional is the first thing you can do to ensure the process is simple, convenient, and in your best interest.

LAND TRANSFER TAX (LTT):

A tax payable to the Provincial Government by the purchaser upon the transfer of title from a seller. In Ontario a simple formula applies*:

  • First $55,000; One half percent. (0.5%)
  • $55-250,000; One percent.
  • Over $250,000; One and a half percent.

Example:

  • Price = $370,000: LTT = ($55,000 * 0.5%) + ($195,000 * 1%) + ($120,000 * 1.5%) = $275 + $1,950 + $1,800 = $4,025.

*Please check with your Realtor as to the rates applicable in your location. SUBJECT TO CHANGE

Use our Mortgage Terms Glossary to learn more about mortgages and the process you’ll go through to obtain one.

Adjustments on Closing Amortization
Appraisal Assessment
Assignment of Interest Assumable Mortgage
Blend and Extend Buy-Down
Buyer's Agent Canada Mortgage and Housing Corporation (CMHC)
Cap Rate Closing
Closed Mortgage Commitment Letter
Compliance Letter Connection Charges
Conventional Mortgage Convertible Mortgage
Credit Report Default
Double-Up Down Payment
Equity Five-Percent Down Program
First Mortgage GE Capital Mortgage Insurable Corporation
Gross Debt Service Ratio (GDS) Hedge
High-Ratio Mortgage Home Inspection Report
Interest Rate Differential Land Transfert Tax (LTT)
Lien Loan-to-Value Ratio
Mortgage Broker Mortgagee
Mortgage Insurance Multiple Listing Service (MLS)
Municipal Levies Open Mortgage
Pith Portable Mortgage
Prepayment Privilege(s) Prepayment Penalty
Princiapal Refinance
Registration Fees Registered Retirement Savings Plan (RRSP)
Simple Interest Survey
Switch Tax Certificate
Title Insurance Total Debt Service Ratio (TDS)
Undertaking Underwriting
Variable Rate Mortgage (VRM) Verification of Employment
Work Orders  
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