The tax rebate on the land-transfer tax for first-time homebuyers is doubled to $4,000 in Ontario and the same tax on homes that sell for over $2 million is increased.
The change, which takes effect on Jan. 1,signifies that first-time buyers are not required to pay land transfer tax on the first $386,000 of the cost of their homes.
Finance Minister Charles Sousa in Monday’s fall economic statement announced the #tax #break for eligible purchasers is being doubled from $2,000.
“The housing market is an important source of economic growth and employment in Ontario and improving housing affordability will help more Ontarians participate,” he said.
The government is also freezing the property tax on apartment buildings giving renters a relief. To fund the relief, the government will increase land transfer rates on houses that cost more than $2 million.