A newly-extended land transfer tax rebate that was announced earlier will be beneficial to newly exposed buyers in Ontario. For cites with properties priced for an average figure of $368,000 or less, buyers now have the right to get back at most $4,000 (for a rebate which was $2,000) which means there will be no payment for LTT.
President of the Peterborough and the Kawarthas Association of Realtors, Dianne Tully said; “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.”
A website was recently introduced by the Ontario Real Estate Association. The website, firsthomerebate.ca give buyers the ability to have their rebate calculated. The provincial government was commended and by the CEO of OREA, Tim Hudak for taking such a huge positive decision on affordability.
Tim concluded by saying; “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 buyers and our local economies.”