Ontario provincial LTT only — York Region has no municipal land transfer tax
Richmond Hill is consistently one of the GTA's most competitive real estate markets, and home buyers here pay only Ontario's provincial land transfer tax. York Region — including Richmond Hill — does not levy a municipal land transfer tax. Only the City of Toronto charges a municipal LTT, creating a meaningful cost difference for buyers choosing between the city and York Region communities. On a $1,300,000 Richmond Hill home, Ontario LTT is approximately $20,475. A Toronto buyer at the same price would pay roughly double.
Richmond Hill is York Region's second-most populous municipality and one of Canada's most ethnically diverse communities. Typical detached home prices range from $1.1M in mature neighbourhoods like Crosby and Devonsleigh to $1.6M+ in premium communities like Oak Ridges, Jefferson, and Bayview Hill. Semi-detached homes start around $850,000; stacked towns and condos start around $650,000.
The market recovered from the 2023 correction with sales volumes strengthening in 2024–2025. Inventory in Richmond Hill's most desirable school catchments (particularly those feeding Bayview Secondary, Richmond Hill High School, and Alexander Mackenzie HS) remains tight, with well-maintained homes in these areas selling quickly and often above asking in spring and fall markets.
Richmond Hill's real estate premium over many GTA communities is driven by several factors: consistently high-ranking secondary schools, proximity to York Region's major employment corridors along Highway 7 and Highway 404, strong Chinese and Iranian diaspora communities with established cultural infrastructure, and the Yonge-Richmond Hill GO corridor providing direct rail service to Union Station.
The community's natural amenities also drive demand — Richmond Hill includes portions of the Oak Ridges Moraine, the Lake Wilcox area, and extensive trail systems through the Rouge River watershed. The combination of urban services, natural assets, and school quality makes Richmond Hill one of York Region's most balanced communities for family buyers.
Richmond Hill is served by multiple GO Train stations on the Barrie (Langstaff/Richmond Hill GO) and Stouffville corridors. York Region Transit provides local bus service with connections to the TTC subway at Finch, Sheppard, and Steeles. Yonge Street, Highway 404, and Highway 407 are the primary driving corridors, with downtown Toronto reachable in 35–60 minutes depending on time and route. The Yonge North Subway Extension (approved and under construction) will bring TTC subway service to Highway 7/Richmond Hill Centre, transforming transit access for the area's core.
Richmond Hill property taxes are levied by York Region and the Town of Richmond Hill. For a $1,300,000 home, expect annual property taxes of approximately $7,500–$9,500. Richmond Hill's combined municipal and regional tax rate is competitive with other York Region municipalities. New developments and assessment appeals can affect individual tax bills significantly — always verify current assessed value with MPAC before completing a purchase.
| Purchase Price Range | Rate | Marginal Tax on Bracket |
|---|---|---|
| $0 – $55,000 | 0.5% | Up to $275 |
| $55,001 – $250,000 | 1.0% | Up to $1,950 |
| $250,001 – $400,000 | 1.5% | Up to $2,250 |
| $400,001 – $2,000,000 | 2.0% | Up to $32,000 |
| Over $2,000,000 | 2.5% | — |
| Price | Ontario LTT (Gross) | FTB Rebate | Net LTT |
|---|---|---|---|
| $780,000 | $12,075 | $4,000 | $8,075 |
| $1,300,000 | $22,475 | $4,000 | $18,475 |
| $1,560,000 | $27,675 | $4,000 | $23,675 |
| $1,820,000 | $32,875 | $4,000 | $28,875 |
Ontario's First-Time Home Buyers' Rebate provides up to $4,000 off your land transfer tax — applied automatically at closing by your lawyer through the provincial Teraview system. To qualify, you must never have owned residential property anywhere in the world. This rebate fully offsets LTT on homes priced up to approximately $368,000 and provides a $4,000 reduction on all higher-priced properties. Most Richmond Hill buyers who qualify will reduce their net LTT from $22,475 to $18,475 on a typical home.
Land transfer tax is paid on your closing date. Your real estate lawyer remits it directly to the Ontario government through the land registry system. The funds must be available in the trust account before keys are transferred — LTT cannot be added to your mortgage or HELOC. Budget for it alongside your down payment balance, legal fees, and other closing costs when planning your purchase timeline.
Beyond land transfer tax, typical closing costs include: legal fees ($1,500–$2,500), title insurance ($300–$600), home inspection ($450–$700), and property tax/utility adjustments. If your down payment is under 20%, CMHC mortgage default insurance adds 2.8%–4% of your mortgage amount — this is rolled into your mortgage, not paid in cash at closing. A rough rule: budget 1.5%–3% of the purchase price for all closing costs combined.
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