Land Transfer Tax (LTT) is a provincial tax that buyers must pay when purchasing property in most parts of Canada, calculated as a percentage of the purchase price.
Why Land Transfer Tax (LTT) Matters in Real Estate
Land Transfer Tax (LTT) is a significant closing cost that buyers must budget for when purchasing real estate. Each province with LTT sets its own rates and calculation method. In Ontario, for example, rates increase progressively with the property’s price, and the City of Toronto imposes an additional municipal LTT.
First-time homebuyers may qualify for partial or full rebates, depending on the province. It’s important to calculate this cost early in the buying process to avoid surprises at closing.
The tax applies to all property types – residential, commercial, and vacant land – and is due upon closing. It is separate from legal fees, inspections, and other transaction-related expenses.
Understanding LTT helps buyers plan their total budget and ensures compliance with provincial real estate regulations.
Example of Land Transfer Tax (LTT) in Action
A buyer in Ontario purchases a $600,000 home. Their Land Transfer Tax is approximately $8,475, which must be paid at closing.
Key Takeaways
Paid by buyers on property purchases in many provinces.
Calculated based on the property's purchase price.
Net operating income (NOI) is the total income generated by a property after operating expenses are deducted but before taxes and financing costs.. more
Step into Parkhill Flats and you immediately feel the difference that luxury makes.
With just two residences in the entire development, exclusivity comes baked into the architecture.
But beyond rarity, what truly sets 4120 1a Street SW #A apart is the scale and sophistication it brings to Calgary’s inner city.
Spanning an impressive 3,000 sq. ft of single-level living, this penthouse-style home takes its cues from Manhattan loft living. The ceilings soar, windows stretch wide, and the flow between indoors and out is seamless.
From the moment your private elevator whisks you from the heated four-car garage to your front door, the experience is defined by ease and refinement.
Inside, bespoke finishes heighten every surface and sightline. White oak hardwood and hand-applied plaster create subtle layers of warmth, while custom millwork and natural stone bring tailored craftsmanship to the fore. In the kitchen, Wolf and Sub-Zero appliances pair with sleek cabinetry to create a chef’s domain that doubles as a design centrepiece.
Living here means three distinct outdoor retreats, including a west-facing terrace off the owner’s suite with treetop views, and a 30-by-16-foot partially covered patio perfect for summer dining. The owner’s suite is its own sanctuary, complete with a boutique-like walk-in closet and a spa-inspired ensuite wrapped in porcelain tile. A second bedroom with an ensuite, a den, and a full laundry room round out the plan — proof that practicality can live harmoniously alongside polish.
This home also introduces flexibility in the form of a heated, oversized storage room, which can be reimagined as a fitness studio, golf simulator, or even a private cinema.
Meanwhile, commercial-grade details — from ICF concrete walls to a fire suppression system and gated rear access — ensure both privacy and peace of mind.
The sheer rarity of this property is remarkable — just two residences in the entire building. That level of privacy, paired with 3,000 sq. ft of single-level living and three outdoor spaces, makes this home feel more like a hidden estate in the sky than a city flat.
Positioned across from Stanley Park on prestigious 1A Street, Parkhill Flats places nature and pathways at your doorstep, while also offering close connection to the Glencoe Club, Calgary Golf & Country Club, and the city’s top dining districts.
Indeed, this as a residence built to endure — both in quality and in style.
Situated in one of Toronto’s most prestigious pockets, a newly listed Edenbridge-Humber Valley residence pairs architectural sophistication with resort-inspired living.
Spanning more than 5,000 sq. ft across three levels, 1437 Islington Avenue strikes a balance between elegance and ease, with every space designed for both comfort and impact.
A stone-and-brick façade makes a stately first impression before giving way to interiors marked by soaring volumes.
The main level hosts a magnificent two-storey living room and a formal dining room, complemented by a chef’s kitchen that's fitted with professional-grade appliances.
A cozy family room, anchored by a gas fireplace, creates an intimate counterpoint, while a flexible office or guest bedroom overlooks the landscaped backyard.
Upstairs, the primary suite functions as a private retreat, complete with a sitting area, a spa-like five-piece ensuite, and a walk-in closet of enviable proportions. Two additional bedrooms share a spacious ensuite, while an extra full bath and loft — easily convertible to a fourth bedroom — add to the upper level’s versatility.
The finished lower level is tailored for wellness and recreation. Here, a fitness zone and games area meet a full bath and sauna, creating a dedicated hub for active living and relaxation alike.
But the true showstopper lies outdoors. The backyard has been curated as a private resort, with a saltwater pool cascading into a waterfall feature, a hot tub tucked under a pergola, and multiple lounging and dining areas designed to capture the best of the season. A two-car integrated garage and a stone driveway with turnaround ensure practicality matches the home’s style.
The backyard oasis elevates this property beyond the ordinary. With a saltwater pool, hot tub, waterfall feature, and multiple entertaining areas, it feels like a private resort — all without leaving Toronto.
Nestled within easy reach of top-rated schools, golf courses, parks, and amenities, this is a rare opportunity to live in one of the city’s most coveted neighbourhoods — with a lifestyle that feels worlds away.
Rising four striking levels inside Toronto’s historic Foundry Lofts, this architecturally significant residence is nothing short of a showpiece.
With more than 2,700 sq. ft of exquisitely reimagined interiors, 339-1100 Lansdowne Avenue offers a rare combination of industrial character, bespoke finishes, and sheer spatial drama.
From the moment you enter, the scale of the space is undeniable.
A light-filled kitchen and dining area sets the tone, anchored by soaring two-storey windows and original brickwork. Fisher & Paykel appliances and Taj Mahal quartz countertops add polish, while a sculptural Audo Copenhagen pendant hovers above the dining table — a marriage of elegance and utility.
A private three-level elevator and an eye-catching spiral staircase ensure that design and function rise in unison through the home.
The second level features a versatile family or media lounge with a tucked-away office nook, complete with a full bathroom that makes the space equally suitable as a guest retreat.
One flight up, the home’s great room rises to a breathtaking 29-foot cathedral ceiling. Walls of industrial-inspired windows flood the room with light, while exposed brick and herringbone floors add texture.
A custom steam fireplace and a sculptural New Works pendant enhance the sense of theatre, complemented by a wet bar that makes entertaining here a natural fit.
While every level of this home is striking, the great room is the undeniable star. With its soaring 29-foot ceiling, walls of industrial windows, and sculptural fireplace, it feels less like a living room and more like a cathedral to loft living.
The primary suite brings the focus back to quiet indulgence, with a freestanding tub, an oversized glass shower, and custom wardrobes. A second bedroom, additional bathrooms, and a fourth-level glass-railed office — perched like a gallery above the great room — complete the residence’s dramatic composition.
Located at the junction of some of Toronto’s most vibrant neighbourhoods, the home also includes two underground parking spaces, a storage locker, and the kind of design-forward presence rarely seen in the city’s loft market.
Earlier this month, Toronto’s real estate industry came together — not in boardrooms or sales centres, but on the hardwood.
On September 13th, the third annual Ballin’ Out for Charity tournament tipped off at the University of Toronto’s Goldring Centre, drawing developers, brokerages, agencies, trades, and construction companies into friendly competition for a serious cause.
What began as casual pickup games among colleagues has evolved into a city-building tradition. Organized by BLACKLINE and RAD Marketing, the tournament has now raised $250,000 in support of community organizations — with this year’s proceeds directed to MLSE Foundation and its Change the Game campaign.
Over the course of a full day, 20 teams battled it out in a 3-on-3 format, playing through group stages, elimination rounds, and a spirited final that saw Metropia claim victory over Blue Diamond Capital. In total, 37 games were played, with athletes fuelled by camaraderie — and a few complimentary massages during morning play.
Beyond the court, families and fans joined in the fun with live performances from the Raptors North Side Crew, a half-court shooting contest, and an all-ages skills clinic hosted by Elite Camps.
For organizers, the event’s growth reflects both the generosity and the competitive spirit of Toronto’s real estate sector.
“What started as friendly pickup games with industry peers has turned into a movement that has raised close to $250,000 for charity,” says Tim Ng, Founder and CEO of ADHOC Studio and BLACKLINE. “We wanted to create something that brought the real estate community together and it’s grown into a tradition that shows the power of teamwork, sportsmanship, and generosity in our industry. Partnering with the MLSE Foundation allows us to support the next generation by creating opportunities for kids through sport.”
Riz Dhanji, President of RAD Marketing, echoes this sentiment: “We believe real estate is about more than just shaping the skyline — it’s about building up people and communities," he says. "We’re deeply committed to supporting MLSE Foundation through Ballin’ Out for Charity. Their work using sport to empower youth, develop life skills, and create pathways to education and employment aligns perfectly with our values. As we help shape the physical landscape of our city, we’re equally committed to investing in the social fabric that makes our neighbourhoods thrive.”
The partnership with MLSE Foundation — which has invested over $74 million in youth and communities facing systemic barriers across Ontario — underscores how far the event has come. And for Tashshena McLean, the foundation’s Fund Development Director, the collaboration feels like a natural fit.
“Seeing the real estate industry’s passion, dedication, and competitive drive reflects the values we share in sport philanthropy," McLean says. "We’re excited to plan for next year and continue growing this impact together.”
The day was made possible thanks to generous sponsors including Sevoy Developments, Slate Asset Management, Daniels, Empire Homes, Resident, Lifetime Developments, Pemberton Homes, Cortel Group, TD Builder Services, HR Reit, and many more.
And as the final buzzer sounded, the tournament left more than a champion crowned. It reinforced the idea that when Toronto’s real estate community comes together, it can make a lasting difference — far beyond the court.
Renderings of 1075 Bay Street/Hariri Pontarini Architects
Despite securing Council approvals for the site in October 2021, Fiera Real Estate has reworked its plans for 1075 Bay Street in downtown Toronto, according to new planning documents from mid-August. The site, which is on the southeast corner of Bay and Mary streets, just a ten-minute walk from the Royal Ontario Museum, has been occupied by a 13-storey office building since 1976.
If Fiera’s proposal is realized, the unassuming mid-rise will be replaced with a sleek 62-storey skyscraper — one that will fit in well with the heavily windowed high-rises that are increasingly cropping up in the city’s core — with a purpose-built rental component.
This is not the first reiteration of the firm’s plans. An application for a 59-storey building was submitted to the City in February 2019, and was approved in October 2021 after a “comprehensive planning process.” That version of the proposal also included 540 condo units, as well as around 130,243 sq. ft of office space to replace the office space already on the site.
The approved proposal from 2021/Hariri Pontarini Architects
Although the application was deemed complete by the fall of 2021, the COVID-19 pandemic stunted the office market, and threw a wrench in the works of Fiera’s plans. The firm opted to pause the project around that time. Fiera then went to the City with plans to swap the office space to residential, and the current proposal reflects that consultation.
Site plan in 2025 application/Hariri Pontarini Architects
The planning report notes that the 62-storey proposal represents only slight changes over what was approved in 2021. “While the overall number of building storeys increases from 59 to 62, these changes all happen within the approved (zoned) building size, height and envelopes. Simply put, the approved tower metric height and setbacks remain the same as does the building’s podium total height,” it says.
The report specifies a total gross floor area (GFA) of around 539,245 sq. ft, with around 7,583 sq. ft dedicated to non-residential — which is down significantly from the around 150,512 sq. ft of non-residential proposed in 2019. The residential GFA is planned to come in at around 531,662 sq. ft (up from around 385,132 sq. ft proposed originally), accommodating a total of 738 residential units.
Renderings of 1075 Bay Street in 2025 application/Hariri Pontarini Architects
While no rental units were proposed initially, the current version of the plans shows a breakdown of 18 studios, 133 one-bedrooms, 32 two-bedrooms, and 20 three-bedrooms. In addition, 75 studio, 252 one-bedroom, 154 two-bedroom, and 54 three-bedroom condo units are planned.
“The main change is the elimination of the zoned office space planned on floors 3 to 10 which is proposed to be replaced with new purpose-built rental apartments,” the report adds. “This pivot addresses the significant economic and financial challenges Fiera has faced trying to realize the 2021 building approval in the context of Toronto’s office market. Plus, it provides much needed rental housing, a key civic priority for Toronto and all levels of government.”
To that point, the 13-storey office building currently at 1075 Bay Street was “mostly” occupied as of early-2020, notes the report, but is 70% vacant today.
Along North Saanich’s storied Lands End Road lies a property that perfectly captures the essence of West Coast luxury.
The striking steel-and-concrete residence that is 1580 Lands End Road sits on 1.59 acres of private land, boasting over 600 feet of ocean frontage and uninterrupted views that stretch from Mount Baker to the Gulf Islands. Both bold and serene, it’s a home designed to frame the drama of the Pacific while offering a peaceful retreat from the everyday.
From the moment you enter, the setting takes centre stage. Floor-to-ceiling windows welcome in the ocean’s expanse, while playful porthole accents nod to the nautical.
The living area spills onto a dramatic flybridge, offering a breathtaking vantage point above an 82-foot infinity pool. Here, the property’s design comes into sharp focus: perfectly aligned for the spectacle of sunrise and the glow of sunset, the home positions its residents at the intersection of sea and sky.
Inside, the interiors are anchored by polished concrete floors warmed with sustainable geothermal heating. Floating staircases, custom cabinetry, and richly toned finishes add warmth and artistry to the clean modern palette. The primary suite on the main level delivers a sense of retreat, with a spa-like ensuite and sweeping water views that feel both cinematic and intimate.
The flybridge. Extending dramatically from the living space, it offers a front-row seat over the infinity pool and out across the horizon. From this perch, the world feels expansive, yet intimately yours — a single architectural flourish that distills the entire spirit of the property.
The lower level is built for entertaining and leisure, with guest suites, a wine cellar, a media room, and a poolside gym that opens directly outdoors through retractable glass doors. Upstairs, a family room offers a quieter corner to unwind — a place to step back from the home’s grandeur and simply enjoy the calm rhythm of the coast.
At its heart is the gourmet kitchen, designed not just for cooking but for gathering. It opens to an outdoor barbecue area set against a man-made stream and waterfall, where the sound of flowing water enhances the sense of sanctuary. It’s a home that shifts effortlessly between grand entertaining and quiet reflection, between a stage for memorable moments and a retreat into privacy.
Despite its enviable seclusion, the property is only minutes from shops, dining, and marinas — a reminder that even in this serene seaside setting, convenience is close at hand.
Yesterday afternoon, over a dozen real estate and development experts were featured at the Residential Construction Council of Ontario's (RESCON) fifth annual Housing Summit, and talked candidly about the housing crisis and how to get residential construction back on track. This year's summit was aptly named "Embracing Transformation — Building Homes Faster" and was sponsored by LiUNA Local 183, Enbridge, Federation of Rental-housing Providers of Ontario, Toronto Regional Real Estate Board (TTREB), and EBS Global.
Leading a wide array of discussions included big names like Ontario Minister of Municipal Affairs and Housing Rob Flack, TRREB's Chief Information Officer Jason Mercer, and they tackled everything from automation and robotics in construction to policy changes needed to support more rental housing development.
The conference comes as Ontario is on track for its lowest annual housing starts since 1996, according to Canada Mortgage and Housing Corporation — a worrying trend that will result in massive job losses, a sizeable hit to the Ontario economy, and an unsustainable supply demand imbalance that will only make housing more unattainable for everyday Canadians.
"We, at RESCON, started this housing summit five years ago to track change. Many of the things that impacted housing five years ago are enduring and remain unresolved," said RESCON President Richard Lyall in his opening remarks. "Beyond the statistics, and above the compelling narratives, and outside of the ongoing message, is the most important part of all, and that's people. We're talking about young people who are losing the hope that they will ever be able to afford a home. We're talking about people who are increasingly unable to afford to live in the municipalities where they work. And we're talking about people who shouldn't have to decide between eating and paying their rent or their mortgage."
Dropping The "Delusions"
Following discussions about innovative construction techniques and an overview of the current political situation, Marlon Bray, Executive Vice President of Clark Construction Management, delivered a comedic — though blunt — assessment of Ontario's housing crisis. He delved into the province's looming housing supply shortage, or "drought," and how it will create an “affordability disaster” that decimates housing-related jobs, and forces more people out of expensive markets.
"We're about to face a massive challenge," he said. "Right now, if you think we don't have enough homes, fast forward two or three years, and it's going to be an absolute catastrophe."
Bray went on to identify several causes behind the current, and impending, situation including unnecessary "sin taxes" and fees on new homes, such as development charges and HST, which he likens to taxes governments put on cigarettes and alcohol.
"Believe it or not, [cigarettes and alcohol] are actually really good for you. They must be, because if they weren't bad for you, we wouldn't tax houses the same," says Bray. "We either have a tax distribution problem or homes are bad for you."
According to a December 2024 study from RESCON, taxes make up 36% of the price of an Ontario home, as these costs are passed along to end-users. That means $360,000 of a $1-million home is made up of these taxes and fees.
Broadening Options Key
Later in the afternoon, TRREB's Jason Mercer led a discussion on how economic uncertainty — think headwinds like tariffs, a decline in GDP and rise in unemployment, and interest rates — is shaping the housing market,
"Even with affordability improving, from a monthly payment perspective, there's a lot of households that do remain on the sidelines," said Mercer. "Because, you know, they're not sure where they stand in terms of their job, in terms of their income, vis-a-vis what we're seeing largely south of the border."
Looking ahead, he said, lower interest rates, increased affordability, and improved consumer confidence, alongside adequate supply in the longer term, will be key in getting the market on its feet again. When that time comes, Mercer thinks there will be significant pent-up demand ready to enter the market.
"As people start to move off the sidelines and back into the market, it's realistic that we start to see an uptick in home sales. And potentially, as we move through 2026, we could be seeing numbers approaching that 80,000 mark, which we haven't seen in a number of years."
Failing Grades
Finishing off the day, RESCON's Lyall and Founding Director of the Missing Middle Initiative (MMI), Mike Moffat, teamed up to discuss a joint report recently released by the two organizations called Q2 2025 GTA and GGH Housing Report Card: Starts, Sales, and Employment.
The report uses data from CMHC and Altus Group to grade 34 municipalities across the Greater Golden Horseshoe region based on housing sales and construction over the first six months of the year, relative to the first six months of the previous four years. According to their methodology, 22 municipalities received an F, five received a D, and the other seven municipalities received a C or higher.
"It's not exactly a stellar record given we keep having these repeated announcements, these media events, where checks are being handed out and all this stuff, and we're actually going in the wrong direction," said Lyall. "[...] But if we had the right alignment and will to change, we could do this."
Rendering of the Elevate Condos in Kitchener, which ELM Developments took over in late-2024/ABA Architects Inc.
At Insolvency Insider's Distressed Real Estate Conference held this summer, panellists across the board agreed that the Canadian real estate landscape over the next two to three years will continue to be fraught with receiverships, CCAAs, and general distress. At the time, President of ELM Developments Elliot Steiner’s contribution to the conversation was that the focus should be on the ‘what comes next’ of it all. “The market is what it is,” he postulated.
Steiner spoke to attendees about ELM’s work on the Elevate Condos in Kitchener, a four-tower project that was placed under receivership in October 2023. ELM — through its construction arm ELM Forward, which is dedicated to third-party projects — was brought on to stabilize the project, but ended up teaming up with Genesis Mortgage Investment Corporation — the junior lender — and Dorr Capital Corporation to submit a bid. The transaction was approved by the Ontario courts in October 2024.
“We invest in projects, and we invest in them because we believe in them,” Steiner said, adding that Elevate, though bogged down with debt, had reliable stakeholders, interest from new lenders barring the right developer on board, and solid upside potential in the long-term. “The world isn't at a dead end, and with most of these [distressed] projects, assuming relatively prudent lending, losses can be greatly minimized. It just takes creativity.”
ELM Forward: An Organic Start
ELM, in 1985, began as a glazing company before Steiner, a partner in the business, opted to shift his efforts into general contracting. Over the years, ELM moved with the ebbs and flows of the market — during the housing market crash of the ‘90s, the company focused more on industrial and commercial projects in Canada and the US, and in the 2000s, it again became about “building homes for people,” Steiner tells STOREYS.
“Over the years, we started doing more and more fee-for-service work… and as we did more and more of this fee-for-service for lenders and receivers — which are good customers as a rule — we decided to brand it, about three years ago and created this sub-sector, the sub-brand called ELM Forward,” he says. “So today, there's ELM Developments; soon, there'll be a lifestyle for our purpose-built rental product; and we have ELM Forward, which is the construction arm, and it's meant to symbolize ‘we’re going forward.’
If it's a project that belongs to us, it's under ELM Developments, but if it's a project that we're working for a receiver or lender or a third-party similar, we brand it under the ELM Forward name,” Steiner adds. He explains the need to differentiate the ELM Forward brand came up internally as the company began dedicating more and more resources to third-party projects.
“And this was the [project managers] coming to us, and our internal management was saying, ‘It's a bit confusing for the trades, it's confusing for the people branding this ELM Developments, because it’s a work-out,” Steiner says. “While the experiences of development and construction and project management and engineering... go hand in hand, the construction of new product is vastly different than [taking over a third-party project]. Everybody thinks you can just keep going, but it’s not true. Even the internal team we have now is different.”
Taking on a project in distress means your first job is putting out any fires, so to speak. In other words: stabilizing the asset. If it’s winter — which Steiner muses it always seems to be, for some reason — the structure needs to be protected from the elements, possibly by boarding it up. If the development doesn’t have a fence, one needs to be installed to prevent material theft and vandalism.
“When we get a call, it's always an urgent call, because the receivers or the stakeholders can't do much until they take control, and by then, usually, people who are about to lose the property or [have been] in trouble, you know, [are not] putting their best foot forward to make sure that everything's in perfect shape,” he adds.
When To Stabilize And When To Invest
When ELM is brought onto a distressed project — typically by a lender or receiver — it’s first and foremost as a consultant. But it doesn’t always end there, as is evidenced by their ongoing work with Elevate.
“We did our work before Christmas, we got it closed in and stabilized, and then further worked on it as the year went by, says Steiner. “We found many issues as we went through the drawings… but, as time went on, I looked at the project and said, ‘Okay, in my eyes, this is doable.’ I had a viable project, I had a good location on a viable project, I understood what the requirements were to complete this project, I'd spoken to the city and we had good involvement and we'd been on there for a while.”
ELM’s involvement with Elevate is somewhat similar to another project that might ring a bell: Vandyk Group’s Uptowns and Heartlake townhome projects in Brampton. The development sites were placed under receivership in November 2023, around the same time the Ontario courts appointed a monitor over most of the (now defunct) developer’s sites. Again, ELM was brought on to stabilize, and ultimately entered into contracts to take over the projects as development manager this past February.
“But sometimes we look at [the asset] and say, ‘We don't know how to make a go of it, we can only stabilize it,” Steiner notes. “We still do our work: we stabilize, we bring things up to code, we get the permits, we also get involved in the planning and the entitlements — we'll do all the things to make it sellable so you can get the most money… and we’ll tell them, ‘Look, how much [are] you willing to lose if you can get an offer? It's safer for you [to sell when it's stabilized], because there's less risk.’”