Land Transfer Tax
When buying a home in Ontario, you will often have to pay a tax referred to as land transfer tax, or sometimes as property purchase tax. The tax is calculated as a percentage of the purchase price.
In addition to the Ontario Land Transfer Tax, effective February 2008, there is a new Municipal Land Transfer Tax that is applied to all purchases on properties in the city of Toronto.
Ontario New Home Warranty Plan
Tarion Warranty Corporation is responsible for administering the Ontario New Home Warranties Plan Act
Enacted in 1976, the legislation describes the mandatory responsibilities of those who build and sell new homes in Ontario, and outlines the warranty coverage that builders and vendors are required to provide to new home and condominium buyers.
Each new home in this province is protected by the warranty provided by a builder with a guarantee from Tarion Warranty Corporation. Their website also provides some important tips for new home buyers and sets out all of the relevant information for new home buyers, relating to the Ontario new Home Warranties Plan Act.
Gasee, Cohen & Youngman can assist you in interpreting the legislation for you, explaining your rights and obligations when dealing with your warranty, and how the legislation affects your new home purchase.