Up to what purchase price does the Ontario first-time buyer LTT rebate fully cover the tax?

The Ontario first-time home buyer land transfer tax rebate has a maximum value of $4,000. For lower-priced properties, the rebate can cover the entire LTT owing — meaning a qualifying first-time buyer pays no provincial LTT at all on closing. As the purchase price rises and the LTT amount exceeds $4,000, the rebate covers only $4,000 and the buyer pays the remainder out of pocket.

The exact purchase price at which the rebate is fully consumed depends on the current rate schedule, but for residential purchases the $4,000 cap is reached at mid-range market prices. Above that price point, buyers still benefit from the maximum $4,000 reduction but owe the balance.

In Toronto, even after both the provincial rebate (up to $4,000) and the Toronto MLTT rebate are applied, buyers of higher-priced homes still face meaningful LTT costs. Understanding your total LTT exposure after rebates is an important part of budgeting for your purchase — ask your lawyer for a net LTT figure before closing.