Toronto real estate: questions and answers
Short answers, each drawn from one of the Toronto guides, which give the detail and the official sources. Figures checked October 16, 2026.
Do I pay two land transfer taxes when I buy in Toronto?
Yes. A purchase in the City of Toronto pays Ontario's land transfer tax and the City's Municipal Land Transfer Tax. Eligible first-time buyers can claim a City rebate of up to $4,475 and a provincial refund of up to $4,000 (as of October 16, 2026).
More: Toronto's municipal land transfer tax, and the first-time buyer rebates
Did Toronto's land transfer tax change in 2026?
For residential properties with one or two single-family residences, higher marginal rates apply above $3,000,000, rising from 4.40% to 8.60%, on transfers from April 1, 2026. The bands up to $3,000,000 are unchanged in the City's published table.
More: Toronto's municipal land transfer tax, and the first-time buyer rebates
I live in my condo. Do I still have to file a Vacant Home Tax declaration?
Yes. The City requires residential owners to declare every year by April 30, including owners who live in the home. A property with no declaration is deemed vacant. Parking spaces and condo lockers do not need a declaration.
More: Toronto's Vacant Home Tax: who has to declare, and the exemptions
Why is my property tax assessment so far below what I paid?
For the 2026 tax year, MPAC assessments are still based on January 1, 2016 values, because the province-wide reassessment has been postponed. A recent purchase price does not reset the assessment.
More: Toronto property tax and MPAC assessments: why 2016 values still matter
Do I need a heritage permit to renovate inside my loft?
In a Heritage Conservation District, the Ontario Heritage Act permit requirement covers alterations other than to the interior of a building. A building individually designated under Part IV is governed by its own by-law and its listed heritage attributes. Building permits and condominium rules apply either way.
More: Heritage designation, Heritage Conservation Districts and Toronto lofts
How long does a condo corporation have to provide a status certificate?
10 days after receiving the request and the fee, under s.76(3) of the Condominium Act, 1998. If it misses the deadline, the Act deems it to have issued a certificate stating there is no default, no declared increase in common expenses, and no reserve fund assessment since the budget.
More: Status certificates for Toronto condos and lofts: what they say and the 10-day rule
How often does a condo have to do a reserve fund study?
A new corporation does a comprehensive study within the year after registration. After that, O. Reg. 48/01 requires a further study within three years of the last one.
More: Condo reserve funds, reserve fund studies and special assessments in Ontario
Can I Airbnb my Toronto condo if I don't live there?
No. Toronto permits short-term rentals only in the operator's principal residence, after registration with the City. Entire-home rentals are capped at 180 nights a year, and the condominium's own rules may prohibit short-term rentals altogether.
More: Short-term rentals in Toronto: principal residence, registration and the 180-night cap
Is my rented loft subject to the rent increase guideline?
It depends on when the unit was first occupied. Units first occupied for residential purposes after November 15, 2018 are generally exempt. The 2026 guideline is 2.1% and the 2027 guideline is 1.9%.
More: Renting out a Toronto condo or loft: rent increases and the 2018 exemption
What compensation does Tarion provide if my new condo is delayed?
If the Firm Occupancy Date is missed, delayed occupancy compensation of up to $7,500 is payable, including $150 a day for living expenses, as described by Tarion. A buyer can terminate within 30 days if the Outside Occupancy Date is missed.
More: Pre-construction condos in Toronto: Tarion delay compensation and assignment sales
Can I add a fourplex or a garden suite to a Toronto house?
Zoning permits duplexes, triplexes and fourplexes in residential zones citywide since May 2023, and garden or laneway suites on many residential lots. Every project still has to meet the zoning's built-form rules and the Building Code and needs a permit.
More: Multiplexes in Toronto: up to four units in residential neighbourhoods
How much will the City pay toward a backwater valve?
For work completed on or after November 12, 2025, 80% of the invoice up to $1,600 per backwater valve, for up to two devices, within an overall program maximum of $6,650 per property. Houses up to fourplexes are eligible; condominium units are not.
More: Toronto's Basement Flooding Protection Subsidy: amounts and conditions
General information only, not legal, tax or financial advice. Rules and figures change; confirm anything you rely on with a lawyer, an accountant, or the City of Toronto or other body named in the sources before you act on it.
Published by Peter Marczak, Sales Representative, Right at Home Realty, Brokerage. Registered with the Real Estate Council of Ontario since 2004. Not affiliated with TRREB or CREA. This site does not display live MLS listing data.