New LTT rebate for first-time buyers in Ontario

by Steve Randall on 18 Jan 2017
First-time buyers in Ontario will benefit from the newly-extended land transfer tax rebate announced Tuesday.

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.
 



Post a Comment



Most Trending News

Is the Canadian housing market overvalued?
News

Wondering what an overvalued housing market could mean for Canadians and investors? It isn't all doom and gloom, but it's important to understand what can happen.

Read More
Immigration is key to a healthy construction industry
News

For decades, we have counted on trades from other countries to bring their skills and expertise to help build our homes and infrastructure.

Read More
US Land Border reopening presents investment opportunities for returning Canadians
News

The US-Canadian land border is finally set to reopen on Nov 8th, spurring many snowbirds to once again make plans to head south.

Read More