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Jag Patel
Broker
HomeLife/ Miracle Realty LTD, Brokerage
Independently owned and operated.
buyanyestate@gmail.com

Sachi Patel

Broker
HomeLife/ Miracle Realty LTD, Brokerage
Independently owned and operated.
Feature Listings
Presale Condos
U.C. Tower 31 Gladstone 57 Brock 430 ESSA Rush M City III Line 5 Stockyards Origin Lofts Lakeside Scout East Junction 2475 Eglinton 250 University Ave 543 Richmond 5400 Yonge Kings Landing The Poet King Toronto East 3220 Encore Theatre CG Tower 139 Church The Winslow 55 Charles The Stockton 540 King West 293 The Kingsway Park Terraces WaterWorks The Insignia Saturday Junction House The Well Evermore 831 Glencairn 2500 Yonge Wynford Gardens Artworks Tower Erin Square Vendôme The Keeley M The Garden District M2M Ellie Phoenix Aqualuna Universal City Prime 50 Scollard DTK The Cardiff Central 9th and Main ONE28 Pavilia UOVO Artists Alley II Maverick Auberge On The Park II Playground Sage X Theory Sugar Wharf Lumina Highlight Elgin East ERA at Yonge IN.DE Express 357 King West Saisons II The Prestige Riverside Square 5 D'or Markham Square 2 Guildwood 4800 Yonge Lakevu Bower Nord West Lakeside Residences Social The Kip District II The Diamond on Yonge M City II One Yonge East 55 Southport Square Nautique Lakefront Amber Valhalla Town Square Kingly Auberge On The Park Kingsway By The River 2 Harris Square Mississauga Square Saisons E2 33 Yorkville The Charles at Church Water Edge Avia Symphony Edge Towers Peter and Adelaide One Forest Hill Eight Forty Perla Towers ZEN King West Bauhaus Oak and Co Museum FLTS Cypress The Roncy Wesley Tower Television City B-Line 609 Avenue Road Indigo 2 Scoop West DuEast The Point Platform Queensway Park Trinity Ravine Towers 7 On The Park SF3 Avenue 151 Yorkville Plaza Midtown Avro Bianca Nobu Residences Artists Alley SuperSonic Canada House Panda Fleur Vita Two Transit City Westwood Gardens Nola Affinity Paradigm East Mirabella Bloor Promenade Islington Terrace The Bluffs YongeParc Wish The Plant Lake & East M City I Lighthouse East Vita on the Lake Time and Space Seasons II Liberty Central II Nord East Sage Prestige The Icona Ivy Via Bloor Mills Square The One Canvas 159 SW St Lawrence Aquabella 8 Cumberland Home Selene EV Royale MAX 75 On The Esplanade Seasons Vivo The Wyatt Joy SweetLife The West AXIS Grande Mirage AYC Park Avenue Place 2 Charisma Halo Residences on Yonge URL Bloorvista at Islington Terrace SIX25BV Rodeo Drive Empire Midtown The Kennedys The Park Club The Vanguard YSL Residences York 875 Queen East Parfait At Atria Sail 88 North Eighty One Wellesley The Rocket Cocoon Cosmos The Bennett on Bayview The Mercer Fortune at Fort York Arc 330 Richmond Whitehaus Bside Minto Westside The Lanes The Met 158 Front SQ2 Heartwood the Beach Fifth on the Park Sonic The Step 150 Redpath Pier 27 Tower Picnic The High Park River City 3 Danforth Square The Bean The Clover on Yonge Connect Grid Stanley East United On The Danforth 609 Sherbourne St The Jack The Clairington LNX Daniels Waterfront The Bartholomew Tea Garden The Ravine Beacon Park Avenue Place Avani 2 at Metrogate Art Shoppe The Rosedale on Bloor Citylights on Broadway Blue Diamond Aquavista at Bayside Lotus Zigg Teahouse 5959 Yonge Minto Yorkville Park The Selby Riverside Square University Suites The Eglinton The Yorkdale VOX The Academy Alter The Code The Cumberland The Taylor Totem Dundas Square Gardens YC Core Smart House Downtown Erin Mills HOT Gordon Woods Pinnacle Grand Park II PSV 2 at Parkside Village 1 Yorkville SQ at Alexandra Park On the Go Mimico Garrison Point Sage 6 Solstice Eau Du Soleil 2 The Dragon 181 Davenport 1 York Aqualina at Bayside 2221 Yonge 155 Redpath 383 Sorauren The Epicurean HighPark Casa 3 Axiom Eleven Superior The Station The Mark Yonge + Rich The College Quartz TRIO at Atria Beach Hill Residences Sage II Harbour Plaza Sixty Colborne Canary District Pearl 2 Ruby Life Fabrik Grand Palace Minto 30 ROE Ten York 88 Scott The Hill Indigo Bay 7777 Weston Road 1331 Yonge Street The Perry Condos The Remington Centre 30 Ordance Street Nero Key West 1Thousand Bay Rise 365 Church Karma Mirage The Brant Park Picasso Alto at Atria OpArt Lofts Flaire Jade Waterfront Cloud 9 133 Hazelton Spectra The Carlaw King Plus Condos The Beverley Hills Monde The Bond Rain 2 Ion Pears Avani at Metrogate Post House IVORY River City 2 The Yorkville Yorkville Plaza U Condo II U Condo I Tableau Studio II Studio I Rain 1 Pace One Bloor Neon Condo MYC Liberty Central King Charlotte Imperial Plaza ICE II ICE I Garrison Fuse Five Madison II Madison I Exhibit Cosmopolitan Bisha Backstage 3018 Yonge EXPO City 501 Yonge Abacus Lofts CASA 2 ALTO 109 OZ E FLO Crystal at Pinnacle Uptown 129 St Clair 159 Wellesley Street 101 Erskine 50 at Wellesley Station Wellesley On The Park Minto Westside Soul 87 Peter Forward Bristol
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Land Transfer Tax

Why Buy A HomeWhen a buyer considers purchasing a home in most areas of the country, they will have to allow for thepayment of a tax which is sometimes referred to as a property purchase tax, but more generally known as a land transfer tax. The value of this tax is generally calculated on a percentage of the residential property's sale price, and the precise formula for the calculation of the amount of tax payable varies considerably from region to region, and sometimes just from one neighbourhood to the next.

Total Land Transfer Taxes Can Exceed 3%!

In every case, these taxes are borne by the buyer of a residential property and depending on the location of the home can vary anywhere from around half a percentage point of the total purchase price of the property all the way to two percent. This tax is not to be taken lightly as in the higher taxed regions, it adds more than $10,000 in cash to the price of a $700,000 house. In Toronto there is an additional municipal version of this tax which can virtually double even that amount, so Torontonians would pay over $20,000 just in land transfer taxes on that same home (which is not that luxurious as there are many Toronto homes in that price range or well above). The fortunate residents of rural Nova Scotia, as well as all of Saskatchewan and Alberta, are free from the payment of this particular tax.

Know What Rebates You're Entitled To

There are a variety of rebates other schemes to keep this tax from overly depressing the demand for first time home purchases. Some of the restrictions of these rebates generally include:Why Buy A Home

  • The buyer must be 18 years of age or older.
  • The rebate application must be filed no more than 18 months after the effective date of the disposition or conveyance.
  • The owner must have the residential property in question as their primary residence and not as a vacation or rental home.
  • The owner must not have previously owned, or had any interest in the ownership of any residential property, whether in Canada or anywhere else in the world.
  • The buyer's spouse must also not have had any ownership stake in any home anywhere during thetime that they were the spouse of the new owner.

There are virtually endless interpretations, conditions, and various other details involved in these rebates. For example, it is well nigh impossible to make an accurate determination of whether a particular individual has owned a home outside Canada before as many Third World nations do not keep accessible records of this type.

Always Have Professional Advisors Available

The complexity of the regulations and restrictions of the land transfer tax, as well as the propensity of provinces such as British Columbia, Manitoba, Ontario, and Quebec to place a sliding scale of application onto this tax according to the price of the property, is a clear indicator that any buyer who plunges into a real estate transaction without either ample experience or trusted, seasoned professionals as advisors, is likely to be unprepared for the costs and convolutions involved in closing the deal.


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