Guides & Resources
Plain-language explainers on Ontario and Toronto land transfer tax, mortgage prepayment penalties, and the full picture of GTA closing costs — the same figures our calculators use, explained.
Land Transfer Tax
- How Ontario Land Transfer Tax Works
If you're buying property in Ontario, land transfer tax (LTT) is one of the biggest closing costs you'll pay — and one of the most misunderstood. Unlike…
- Toronto Land Transfer Tax Explained: Why You Pay It Twice
Every home buyer in Ontario pays provincial land transfer tax. Buyers within the City of Toronto pay a second, separate tax on top of it — and it isn't…
- First-Time Home Buyer Land Transfer Tax Rebate: Are You Eligible?
Ontario and Toronto both offer land transfer tax rebates for first-time buyers — but "first-time buyer" has a specific legal meaning that catches some p…
- Toronto's Luxury Land Transfer Tax: What Changed in 2026
If you're buying a property over $3 million in Toronto, the math changed as of April 1, 2026. A new set of escalating brackets applies specifically to h…
- How We Calculate Your Land Transfer Tax Estimate
Land transfer tax calculators are only useful if they're accurate. Here's exactly how ours works, what it's based on, and where its limits are — so you…
Mortgage Penalties
- How Mortgage Prepayment Penalties Are Calculated in Canada
Breaking a closed mortgage before your term ends — whether to sell, refinance, or switch lenders — usually triggers a prepayment penalty. The rules aren…
- 3-Month Interest vs IRD: Which Penalty Will You Actually Pay?
If you have a fixed-rate mortgage and you're thinking about breaking it, you'll run into two terms: "three months' interest" and "IRD." Knowing which on…
- Fixed vs Variable Mortgage: Why Breaking Them Costs Differently
The choice between a fixed and variable mortgage usually comes down to rate stability versus flexibility. There's a less-discussed difference that matte…
- Big Bank vs Monoline Lender: Why Your Penalty Could Be Thousands Apart
Two borrowers with identical mortgage balances, identical contract rates, and identical time remaining on their term can receive completely different pr…
- Breaking Your Mortgage Early: When It's Actually Worth It
A prepayment penalty isn't automatically a reason to stay put. Sometimes breaking your mortgage early — even with a real penalty attached — still saves…
- The 5-Year Rule: How the Interest Act Caps Some Mortgage Penalties
Most borrowers assume their prepayment penalty is whatever their lender's IRD formula produces. For a specific group of mortgage holders, federal law ov…
GTA Closing Costs & Budgeting
- Complete Guide to Closing Costs When Buying a Home in the GTA
Land transfer tax is usually the single largest closing cost for GTA buyers, but it's rarely the only one. Here's the full picture of what to budget for…
- Land Transfer Tax + Mortgage Penalty: Budgeting for a GTA Move
If you're moving within the GTA — selling one home and buying another — you're potentially facing both sides of this site's calculators at once: a mortg…
- Refinancing vs Selling: How to Compare Your Real Costs
If you're considering a move but also weighing whether to refinance and stay put instead, the two paths have very different cost structures. Here's how…
- GTA Home Buying Costs Beyond the Purchase Price
The purchase price and closing costs get most of the attention when budgeting for a home — but the costs don't stop the day you get the keys. Here's wha…