Question 1

When do I actually pay this?

Accepted Answer

On closing day, in cash, through your lawyer. It cannot be rolled into the mortgage. This is the single most common reason a first-time buyer comes up short at closing.

Question 2

Do I qualify as a first-time buyer?

Accepted Answer

You must never have owned a home anywhere in the world, and your spouse must not have owned one while you were married or living together. You also have to be 18 or older and occupy the home within nine months.

Question 3

Is the Toronto tax really charged on top of the Ontario one?

Accepted Answer

Yes. Toronto is the only Ontario municipality with this power. On an $850,000 home it roughly doubles your land transfer tax bill.