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.
Valerie Miles, Chair
OREA Government Relations