Buyers can now claim back up to $4,000 which for cities with an average price of $368,000 or less will mean they pay no LTT at all. The previous rebate was $2,000.
“This tax break will go a long way towards making home ownership more affordable for first-time buyers in Peterborough and the county, where the average price of a home is $319,800,” said Dianne Tully president of the Peterborough and the Kawarthas Association of Realtors.
Ontario Real Estate Association has launched a website (firsthomerebate.ca) to enable buyers to calculate their rebate. OREA’s CEO Tim Hudak praised the provincial government’s positive steps on affordability.
“The new LTT rebate will put more money in the pockets of first-time home buyers and help young families achieve their dreams of home ownership. These savings benefit both the buyer and our local economies,” Hudak said.
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First-time buyers in Ontario will benefit from the newly-extended land transfer tax rebate announced Tuesday.