Market Activity

Ontario to Double the Maximum Tax Rebate to First Time Homebuyers

“The Ontario government is moving to double the maximum tax rebate offered to first-time homebuyers while boosting the land-transfer tax on house purchases above $2 million.

Finance Minister Charles Sousa made the announcements in his fall economic statement, delivered in the provincial legislature on Monday afternoon. The changes are to take effect on Jan.1, 2017. ” – Mike Crawley, CBC News

What’s this mean to first time homebuyers?  No Provincial Land Transfer Tax on the first $368,000 of the purchase, and eligibility of as much as $4,000 in a rebate.

On the flip side of this, Homes purchased at $2 million or more will have a half percent increase in tax to 2.5%.

 

In comparison, here’s the current Land Transfer Tax rates.

land-transfer-tax

 

See the Full Story here:

http://www.cbc.ca/news/canada/toronto/ontario-fall-economic-statement-charles-sousa-1.3849873

 

Or read it right from the Province of Ontario’s website, at:

http://www.fin.gov.on.ca/en/budget/fallstatement/2016/chapter5b.html