But expect to pay more if your home costs more than $2-million
In an effort to help first-time homebuyers—but not hurt the equilibrium of housing markets outside of Toronto—the Ontario Liberal government announced today that they’ll double the first-time homebuyers’ maximum Land Transfer Tax refund to $4,000.
This increased rebate will take effect January 1, 2017 and will mean that eligible homebuyers in Ontario would pay no Land Transfer Tax (LTT) on the first $368,000 of their home’s purchase price.
This increased rebate will take effect January 1, 2017 and will mean that eligible homebuyers in Ontario would pay no Land Transfer Tax (LTT) on the first $368,000 of their home’s purchase price.
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“With the doubled refund, more than half of first-time homebuyers in Ontario would pay no LTT on the purchase of their first home,” explained Ontario Finance Minister Charles Sousa, during a press conference this afternoon.
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Sousa’s announcement was part of the provincial government’s Fall Economic Statement. The finance minister’s focus on helping first-time buyers highlights how unaffordable a home purchase has become, particularly in hot property markets, like the Greater Toronto Area.
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