Tuesday, November 15, 2016

Land transfer tax rebate increased....

In its 2016 Fall Economic Statement, the Government of Ontario committed to increasing the land transfer tax (LTT) rebate for first-time home buyers from $2,000 to $4,000. The new LTT rebate will help more young families achieve their dreams of home ownership.

"Finding an affordable home has become a struggle for thousands of young couples,” said Ray Ferris, president of the Ontario Real Estate Association (OREA). “This tax break will reduce a first-time buyer’s closing costs and help them save more for their down payment.” According to research prepared by Altus Group Economics for OREA, an improved LTT rebate will create 5,000 jobs and $268 million in economic spinoffs. Research shows that home ownership contributes to families becoming happier and healthier, and enjoying improvements in their children’s school performance.

for the complete article, please click here 


It means first-time buyers who are permanent Ontario residents, will not pay land transfer tax on the first $368,000 of the cost of their homes. Given lower prices in much of the province, Sousa said “for many this will mean no land transfer tax on the purchase for their first home.”

for additional information, please read this article 

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