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Land Transfer Tax Rebate doubles for First Time Home Buyers in Ontario.
The Canadian Press Published Monday, November 14, 2016 1:23PM EST
TORONTO -- Ontario is doubling the rebate on the land-transfer tax for first-time homebuyers to $4,000, but is increasing the same tax on homes that sell for over $2 million. The government says half of first-time buyers won't pay any land-transfer tax to the province, while the half-percentage point increase on homes over $2 million will affect less than one per cent of the population.
The province takes in over $2.1 billion a year in the land-transfer tax, and the government says any increase in revenues from the increase on luxury homes will help pay for the doubled rebates for first-time buyers.
Premier Kathleen Wynne had said the government was worried about the difficulty faced by first-time buyers trying to get into the housing market, especially in the Greater Toronto Area where the average price is $762,975.
The government also announced it is freezing the property tax on apartment buildings while it reviews how it affects rental market affordability. The changes to the land-transfer tax are outlined in the Ontario government's fall economic statement, which says that home ownership has become a key factor in many people's long term financial security.
The Ontario Real Estate Association had asked the government to expand the land-transfer tax rebate program for first-time buyers as one way to help more of them get into the housing market. The city of Toronto has its own land transfer tax, which offers rebates of up to $3,725 for first time buyers.
Ontario's land-transfer tax rises from half-a-per cent on the first $55,000 of a purchase price to two per cent for everything above $400,000. Toronto's land-transfer tax is one per cent on the first $55,000 and two per cent on the rest.
The Right Real Estate Agent
People don't talk about it a lot. But finding the right real estate agent can be the difference between a happy, stress-free home buying or selling experience, and an unhappy, stressful experience.
First, you'll want an agent ready and able to make a full-time commitment to you. I can and will do that.
Second, you'll want an agent with the experience needed to know the local neighborhoods, schools, market conditions, ordinances, etc. With my 40 plus years of experience in the local market - I have the expertise and track record of success you need.
Third, you'll want an agent who embraces the convenience of technology without losing the personal touch. You'll love the resources available on my website and the e-mail alerts that I send, but these will never replace the time I spend with you, serving as your personal guide through this exciting process.
Let's get together and talk about your home buying and/or selling plans. Call me on my cell phone 416 720-6454 or send me an e-mail (firstname.lastname@example.org) we'll set-up a time that is easy and convenient for us to meet.
P.S. If you're not ready to meet in person, please tour through my website at www.4realestateinfo.ca. I'm sure you'll find the resources here useful and helpful. Enjoy!
Moving to Ontario is one of the most important choices you will ever make. This section gives you information to help guide you. It includes what you need to know about housing, health care, how to find a job, enter a profession or trade, start a business or go to school.
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Royal LePage Terrequity Realty, Brokerage Mississauga, Ontario. Direct Line 416 720-6454 Independently owned and operated. www.4bramptonrealestate.com
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