First-time home buyers to get $4,000 land transfer rebate
To help Ontarians buy their first home, the Province is proposing to double the maximum refund for first-time home buyers from $2,000 to $4,000, effective January 1, 2017.
The Province is proposing to restrict eligibility of the first-time home buyers refund program to Canadian citizens and permanent residents, 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.
Tenants are also getting a benefit, as the government freezes the property tax on apartment buildings — which are taxed at more than double the rate of other residential properties and condos, for example — while it reviews how the “high property tax burden” impacts the affordability of rentals.
To fund the breaks, the government will increase land transfer rates on houses that cost more than $2 million. For every dollar over and above that, the rate will rise from 2 per cent to 2.5 per cent. But the tax on the portion of the purchase price between $400,000 and $2 million will remain at 2 per cent.
If you would like more information on the changes or any information relating to first time home buyers please click here. Alternatively you can always call me to discuss.
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