From the blog...

ENCOURAGING FIRST TIME HOME BUYERS

On Monday, the Ontario Liberal Government announced it is doubling the rebate on the land-transfer tax for first-time homebuyers to $4,000. This effort is to encourage first-time home buyers. The increased rebate will take effect January 1, 2017.

According to the Ontario Finance Minister Charles Sousa doubling the refund will result in over half of first-time home buyers in Ontario not paying the land-transfer tax on the purchase of their first home.

This tax break may be the just the right encouragement to help Ottawa first-time home buyers buy a place of their own. The average purchase price for first-time home buyers in Ottawa is $368,000 which means they will pay no land-transfer tax because of the new rebate.

– Chris Scott