Real Estate
Whether you are purchasing or selling a home or cottage or you are engaged in commercial real estate or complex land assemblies or development, MKC Law Office is able to provide you with the timely and cost effective counsel to complete your transaction and mitigate your risk.
Residential Real Estate
Purchases and sales
Mortgages and refinancing
Mortgage enforcement
Drawing leases for residential tenancies as well as farm leases
Right of way disputes and cottage road disputes
Commercial Real Estate
Drawing commercial leases
Counsel with respect municipal compliance
Reviewing zoning by-laws and associated uses
Real Estate Development
Preparing plans of subdivision
Condominium developments
Counsel for not for profit housing corporations
Assistance with site plan agreements
Official Plan Amendments
Re-zoning applications
Contact MKC Law Office by phone: 705-748-2241 ext. 244 or ext. 230
[top]
Land Use Planning
The lawyers at MKC Law Office are familiar with the process, the application forms and the costs associated with:
Re-zoning applications
Severance applications, including the creation of building lots, rights-of-way or lot additions
Minor variance applications
Site Plan Agreements
Contact MKC Law Office by phone: 705-748-2241
[top]
Land Transfer Tax
Purchasers of real estate in Ontario are subject to a Provincial Land Transfer Tax.
The amount of tax is a function of how expensive the real estate that your are purchasing is.
Ontario Land Transfer Tax
| Purchase Price of Home | Marginal Tax Rate |
|---|---|
| First $55,000 | 0.5% |
| On $55,000 to $250,000 | 1.0% |
| On $250,000 to $400,000 | 1.5% |
| Over $400,000 | 2.0% |
Ontario first-time homebuyer land transfer tax rebate
The Ontario land transfer tax rebate is equal to the full value of the land transfer tax up to a maximum of $2,000
Eligibility
The buyer must be older than 18 years
The buyer must occupy the home within nine months of purchase
The buyer cannot have owned a home anywhere in the world
The buyer's spouse cannot have owned a home while being your spouse
If you are purchasing a new home, it must be eligible for home warranty
Based on Ontario land transfer tax rates, the rebate will cover the fully taxed amount on houses up to $227,500. For houses over $227,500, homebuyers will receive the maximum $2,000 rebate. To obtain this refund, you need to apply within 18 months after the purchase of the home.
Toronto land transfer tax
If purchasing a home in Toronto, there is an additional municipal land transfer tax. Toronto's land transfer tax applies within the following boundaries: Steeles Avenue as the North border, Etobicoke as the West border, Scarborough as the East border, and Lake Ontario as the South border.
| Purchase Price of Home | Marginal Tax Rate |
|---|---|
| First $55,000 | 0.5% |
| On $55,000 to $400,000 | 1.0% |
| Over $400,000 | 2.0% |
Toronto first-time homebuyer land transfer tax rebate
First-time homebuyers in Toronto of new and resale homes are eligible to receive a refund up to a maximum of $3,725.
Eligibility
The buyer must be older than 18 years
The buyer must occupy the home within nine months of purchase
The buyer cannot have owned a home anywhere in the world
The buyer's spouse cannot have owned a home while being your spouse
If you are purchasing a new home, it must be eligible for home warranty
The Ontario land transfer tax rebate is equal to the full value of the land transfer tax up to a maximum of $2,000