Ontario REALTORS® have lobbied for and won the first tax break for first-time buyers in over ten years. This tax break will help make home ownership more affordable by providing some relief to those Ontarians that need it most – young families.
This news came today as part of Ontario’s Fall Economic Statement. In the statement, Minister Charles Sousa committed to increasing the land transfer tax (LTT) rebate for first-time buyers from $2,000 to $4,000. The increase was done specifically to help first-time buyers enter the housing market. Buyers can start claiming the rebate eefective January 1, 2017.
At this time last year, Ontario REALTORS® were fighting to stop what would have been the largest tax increase on home ownership in a generation – the municipal land transfer tax. Today, this is one of the largest tax breaks in a decade.
There’s still more to be done. Other factors like a lack of housing supply are impacting prices and REALTORS® are working with government to address those issues.
But for the young couple entering the housing market, this announcement is good news. It’s also a testament to the strength of the REALTOR® voice at Queen’s Park.