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6 Comments Already

July 23rd, 2007 @5:29 am  

I agree, it’s a ridiculous tax

Just be lucky you’re not in Melbourne (Aus) – stamp duty in Victoria is $2560 plus 6 per cent of any value over $115000…. ouch.

Aimee Said,
July 23rd, 2007 @10:31 am  

That sounds bad Jonk. What is stamp duty?

July 24th, 2007 @8:21 pm  

Wow! That’s crazy. I’m totally unfamiliar with real estate laws in Canada, so this may be a dumb question, but do you all have to pay property taxes each year as well?

That’s quite a tax just to transfer ownership. Of course, here in the states, there isn’t really any logic to taxation. It’s just whatever the government wants, the government gets. Although there are always loopholes and whatnot.

Great blog!

October 13th, 2007 @8:33 am  

That’s quite a tax just to transfer ownership. Of course, here in the states, there isn’t really any logic to taxation. It’s just whatever the government wants, the government gets. Although there are always loopholes and whatnot.

Carin Said,
March 10th, 2008 @10:35 am  

Use a term life policy instead of the mortgage insurance offered by the lender. Not only is this a cheaper option, but it gives you the control of naming the beneficiary. Most licensed brokers offer a free consultation, so do some research and understand all your options before simply going along with the lender.

May 9th, 2011 @10:54 am  

I know that there used to be a first time buyers rebate of up to $3000 or so. Don’t know if this applies to you.

Also, I always found it unrealistic that they set the 1-2% bar at $400k. I wonder how many new Toronto home owners are buying homes for less than 400k and qualifying for 1%. Last time I checked, if you found a home for less than 400k in Toronto you didn’t report it for fear of being caught for theft.

Best of luck.

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