We did it. A tax break for first-time home buyers

Good news.

As we anticipated, this afternoon Finance Minister Charles Sousa announced an increase to the land transfer tax (LTT) rebate for first-time buyers from $2,000 to $4,000. The announcement came as part of Ontario’s Fall Economic Statement and was specifically to help first-time buyers enter the housing market. Buyers can start claiming the rebate effective January 1, 2017.

It’s a change we lobbied hard to achieve and you should all be proud of our accomplishment. 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, today’s announcement is good news. It’s also a testament to the strength of the REALTOR® voice at Queen’s Park.

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, we’ve helped usher in one of the largest tax breaks in a decade.

Congratulations everyone.

Sincerely,

Valerie Miles, Chair

OREA Government Relations

Author: bramptonrealestateboard

At the Brampton Real Estate Board (BREB) we believe in the ownership of Real Estate. Our objective is to contribute to the capability and growth of our members in their endeavors by marketing all forms of real property throughout the greater Brampton, Halton Hills and Caledon marketplaces and beyond. The Brampton Real Estate Board is dedicated to providing an environment in which it’s Member REALTORS®, employees, Board of Directors, and Committee volunteers are encouraged to grow, succeed and develop in order to provide the highest level of professional conduct and service. View all posts by bramptonrealestateboard