Most of Ontario pays one land transfer tax when a property changes hands: the provincial one. Inside the City of Toronto there is a second, the Municipal Land Transfer Tax (MLTT), charged by the City under Chapter 760 of the Toronto Municipal Code. It applies to houses, condominium units and lofts alike, and it is usually paid by the buyer's lawyer on closing.
The rate table
For residential property containing one or two single-family residences, the City publishes these marginal rates (as of October 16, 2026):
| Portion of the price | Rate |
|---|---|
| Up to $55,000 | 0.5% |
| $55,000.01 to $250,000 | 1.0% |
| $250,000.01 to $400,000 | 1.5% |
| $400,000.01 to $2,000,000 | 2.0% |
| $2,000,000.01 to $3,000,000 | 2.5% |
| Over $3,000,000 to $4,000,000 | 4.40% |
| Over $4,000,000 to $5,000,000 | 5.45% |
| Over $5,000,000 to $10,000,000 | 6.50% |
| Over $10,000,000 to $20,000,000 | 7.55% |
| Over $20,000,000 | 8.60% |
The tiers above $3 million were approved by City Council on December 17, 2025 and apply from April 1, 2026. Each rate applies only to the slice of the price inside its band, so a $900,000 purchase pays 2.0% only on the part above $400,000.
First-time buyer rebates
The City offers a first-time purchaser rebate of up to $4,475 (as of October 16, 2026). In outline, the City's conditions are that the buyer is at least 18, is a Canadian citizen or permanent resident (or becomes one within 18 months of the transfer), has never owned a home or an interest in one anywhere in the world (nor has their spouse), and occupies the home as a principal residence within nine months. It applies to resale and new homes. A rebate claimed after registration must be applied for within 18 months, and a processing fee applies.
Ontario has its own, separate first-time homebuyer refund of the provincial tax, to a maximum of $4,000 for transfers on or after January 1, 2017. The two are claimed separately and have their own conditions.
Why this matters more for a loft
Nothing about the tax is loft-specific, but a separately titled parking or locker unit (see parking and locker units) is part of the price on which both taxes are calculated. Ask your lawyer for a closing-cost estimate that uses the full price, including any such units.