Ontario doubled its LTT rebate for first-time buyers from $2,000 to $4,000 as of January 1st, 2017. That means that first-time buyers will not pay any tax on the first $368,000 of the purchase price of their new home.
This new rebate is a great reason for first-time home buyers to get into the market.
The Ontario Real Estate Association (OREA) has created a website – www.FirstHomeRebate.ca – as well as an informational video – to help get the word out to consumers.
They have also embedded a calculator on the website where you can find out how much tax relief you’ll qualify for under the new rebate.
If you are a first time buyer, or are considering your first home purchase in the near future, contact us and we can sit down & discuss the buying process with you.
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