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|Term||Lowest Fixed Rate||Lowest Variable Rate|
Land transfer tax is charged on the purchase price of a home in Ontario at the rates listed below. First-time homebuyers purchasing a home under $227,500 will receive a full refund of their tax. For homes over $227,500, the maximum rebate of $2,000 will be refunded. Land transfer tax is one closing cost in Ontario that you need to pay when purchasing a home. Other closing costs include fees for an Ontario home inspector and Ontario real estate lawyer.
|Purchase Price of Home||Marginal Tax Rate|
|On $55,001 to $250,000||1.0%|
|On $250,001 to $400,000||1.5%|
Mortgage default insurance or CMHC insurance is required in Canada for down payments of less than 20%.
|Down payment (% of home)|
|5%-9.99%||10%-14.99%||15-19.99%||20% or higher|
|CMHC insurance premium||2.75%||2.00%||1.75%||0.00%|
Additional criteria as of July 9th, 2012:
- The maximum amortization available on an insured mortgage (less than 20% down) is 25 years.
- Homes sold for more than $1,000,000 do not qualify for CMHC insurance and, therefore, require a down payment of at least 20%.
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