Ontario REALTORS® have lobbied for and won the first tax break for first-time buyers in over ten years. This tax break will help make home ownership more affordable by providing some relief to those Ontarians that need it most – young families.
This news came today as part of Ontario's Fall Economic Statement. In the statement, Minister Charles Sousa committed to increasing the land transfer tax (LTT) rebate for first-time buyers from $2,000 to $4,000. The increase was done specifically to help first-time buyers enter the housing market. Buyers can start claiming the rebate effective January 1, 2017.
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. For many this will mean no land transfer tax on the purchase for their first home.
At this time last year, Ontario REALTORS® were fighting to stop what would have been the largest tax increase on home ownership in a generation – the municipal land transfer tax. Today, we've helped usher in one of the largest tax breaks in a decade.
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