First-time homebuyers: Land transfer tax rebate has doubled
Happy New Year! Up until the end of 2016, first time home buyers in Ontario could apply for a land transfer tax rebate, with a cap of $2,000. Now, for all the agreements of purchase and sale that are dated after January 1 of 2017, the size of this rebate has doubled. So first-time home buyers can receive a financial incentive of up to $4,000 on the purchase price of their new home.
Beginning January 1, 2017, no land transfer tax would be payable by qualifying first‑time purchasers on the first $368,000 of the value of a new home. First‑time purchasers of homes greater than $368,000 would receive a maximum refund of $4,000.
All the information you need to know about this new incentive is included in this link: