|Dear OREA Member,
I want to take this opportunity to update you on some important work the Ontario Real Estate Association (OREA) is doing at Queen’s Park to help make home ownership more affordable for first-time buyers.
The Canadian Dream
As REALTORS® we know that home ownership is a pillar of the Canadian Dream. It has, for generations, supported a strong middle class and vibrant communities across Ontario. But finding affordable home ownership is a growing challenge for many Ontarians – in particular young first-time buyers.
OREA Advocacy: Let’s Make Home Ownership More Affordable
Your OREA government relations team has been working hard at Queen’s Park advocating to help make home ownership more affordable. Over the last month, CEO Designate Tim Hudak, along with OREA leaders and staff have held meetings with officials from the Premier’s Office, Ministry of Finance and most recently with the Honourable Charles Sousa, the Minister of Finance. In fact, Premier Wynne directed her Principal Secretary to meet with Tim and the GR team for ideas on affordable home ownership in his first week on the job.
A Tax Break for First-Time Buyers!
In these meetings, OREA has been pushing for an increase to the rebate first-time buyers receive on the provincial land transfer tax. As you know, the rebate has not kept pace with rising home prices and first-time buyers are paying higher taxes each year. Increasing the rebate would provide a tax break to those that need it the most – young families.
REALTORS® Fighting for the Canadian Dream
If successful, an improved LTT rebate is yet another example of Ontario REALTORS® fighting to support the dream of home ownership. Last year, through OREA’s Don’t Tax My Dream campaign we stopped a $1 billion municipal land transfer tax (MLTT) increase.
We are hopeful that we’ll have some good news on this front soon. In the mean time, if you have any questions, feel free to contact OREA’s government relations team at email@example.com.
Ray Ferris, MVA, e-PRO, ABR