Short answer
Yes. Toronto’s 10% Municipal Non-Resident Speculation Tax can apply in addition to Toronto MLTT and Ontario’s 25% NRST when the purchaser and property fall within the respective rules.
The closing problem buyers face
A buyer budgets only the provincial 25% NRST—or only ordinary land transfer taxes—and discovers the Toronto municipal 10% charge at closing.
What the official rule says
Toronto states that its MNRST applies at 10% of the purchase price to foreign buyers of certain Toronto residential property from January 1, 2025, in addition to MLTT. Ontario’s NRST is separately administered.
What this does not guarantee
Citizenship, permanent residence, nominee, protected-person and spousal facts can affect exemptions. Corporate, trust and beneficial-owner structures need legal review; changing title names does not safely avoid tax.
A practical Ontario example
Illustration only: A foreign buyer purchasing qualifying Toronto residential property may face provincial LTT, Toronto MLTT, Ontario NRST and Toronto MNRST as separate closing calculations.
What to do before the offer becomes firm
Obtain written tax advice from the real-estate lawyer before paying a non-refundable deposit. The broker should qualify the mortgage only after the true tax and remaining down payment are known.
- Which municipality and property type are involved?
- Who will be on title, and what are their citizenship, residency and ownership histories?
- Is the property resale, new, substantially renovated, rental, mixed-use or held by a business?
- Which taxes, rebates and adjustments has the lawyer confirmed in writing?
- How much verified cash remains after the deposit and every closing cost?
Rajiv’s broker perspective
A lender decides the mortgage amount under its credit, income, property and loan-to-value policies. The province, municipality, CRA and lawyer determine the applicable taxes and legal closing funds. Those are different decisions. I would calculate the full cash-to-close first, preserve a contingency and only then compare A-lender, alternative/B, MIC or private options if the complete borrower and property facts require another financing path. Borrowing a tax shortfall at the last minute can change debt ratios and approval.
Related: First-Time Buyer Rule Hub · Real Estate Centre · Updates & Rules Centre
Could closing costs change the mortgage plan?
Send Rajiv the price, municipality, property type, deposit, title holders and available closing cash. He can pressure-test the funds-to-close and identify the tax or legal questions that should be confirmed before you commit.