Royal LePage News
Land Transfer Tax Rebate for First Time Home Buyers Increase to $4,000 effective January 1st, 2017
TORONTO-NOVEMBER 14, 2016 – Finance Minister Charles Sousa is giving first-time home buyers a $4,000 land transfer tax rebate. Sousa used Monday’s fall economic statement to announce the tax break for eligible purchasers is being doubled from $2,000. “Purchasing your very first home is one of the most exciting decisions in a young person’s life, but many are worried about how they will be able to afford their first condo or house,” the treasurer told the Legislature. The change, which takes effect on Jan. 1, means first-time buyers will not pay land transfer tax on the first $386,000 of the cost of their homes. “For many this will mean no land transfer tax on the purchase for their first home,” said Sousa.
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