{"id":9758,"date":"2018-07-10T08:08:00","date_gmt":"2018-07-10T15:08:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=9758"},"modified":"2018-07-09T10:48:16","modified_gmt":"2018-07-09T17:48:16","slug":"the-canadian-cities-with-the-highest-land-transfer-taxes-for-1st-time-buyers","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/07\/the-canadian-cities-with-the-highest-land-transfer-taxes-for-1st-time-buyers\/","title":{"rendered":"The Canadian Cities with The Highest Land Transfer Taxes for 1st-Time Buyers"},"content":{"rendered":"<p style=\"text-align: justify;\">In Canada\u2019s hottest housing markets, first-time buyers are forced to deal with both elevated home prices and the significant impact of land transfer taxes, according to a new analysis by real estate information portal Zoocasa.<\/p>\n<p style=\"text-align: justify;\">As the tax is a non-mortgagable amount that must be paid in cash upon the closing of a deal, this leads to \u201cbuyers in the most expensive and heavily-taxed housing markets [saving] for years longer to have that cash in hand, compared to more affordable markets with a moderate fee structure,\u201d Zoocasa noted.<\/p>\n<p style=\"text-align: justify;\">The analysis looked at average home prices (as of May 2018), land transfer tax structures, and applicable home buyer rebates to determine which major metropolitan markets impose the greatest tax burdens upon first-time buyers.<\/p>\n<p style=\"text-align: justify;\">The Canadian cities with the highest land transfer taxes for first-time buyers are :<\/p>\n<p style=\"text-align: justify;\">\u2022 Rank 1 : Vancouver, BC &#8211; $20,076 (average home price of $1,103,803)(Highest)<br \/>\n\u2022 Rank 2 : Toronto, ON &#8211; $16,687 (average home price of $805,320)<br \/>\n\u2022 Rank 3 : Victoria, BC &#8211; $12,270 (average home price of $713,485)<br \/>\n\u2022 Rank 4 : Abbotsford, BC &#8211; $8,780 (average home price of $538,999)<br \/>\n\u2022 Rank 5 : Kelowna, BC &#8211; $8,659 (average home price of $532,972)<\/p>\n<p style=\"text-align: justify;\">Fortunately, first-time buyers can find respite from land transfer taxes in these markets :<\/p>\n<p style=\"text-align: justify;\">\u2022 Windsor-Essex, ON &#8211; $0 (average home price of $303,183)<br \/>\n\u2022 London &amp; St. Thomas, ON &#8211; $0 (average home price of $366,096)<br \/>\n\u2022 Edmonton, AB &#8211; $239 (average home price of $386,750)<br \/>\n\u2022 Calgary, AB &#8211; $269 (average home price of $471,030)<br \/>\n\u2022 Niagara Region, ON &#8211; $629 (average home price of $407,693)<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/land-transfer-taxes-hound-firsttime-buyers-in-hottest-markets-244880.aspx\" target=\"_blank\" rel=\"noopener\">Land Transfer Taxes Hound First-Time Buyers in Hottest Markets<\/a> by Ephraim Vecina | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In Canada\u2019s hottest housing markets, first-time buyers are forced to deal with both elevated home prices and the significant impact of land transfer taxes, according to a new analysis by &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/07\/the-canadian-cities-with-the-highest-land-transfer-taxes-for-1st-time-buyers\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-9758","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Canadian Cities with The Highest Land Transfer Taxes for 1st-Time Buyers &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/www.roryc.ca\/blog\/2018\/07\/the-canadian-cities-with-the-highest-land-transfer-taxes-for-1st-time-buyers\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"The Canadian Cities with The Highest Land Transfer Taxes for 1st-Time Buyers &#8226; 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