To help Ontarians buy their first home, the Province is proposing to double the maximum refund for first-time homebuyers from $2,000 to $4,000, effective January 1, 2017.

The Province is proposing to modernize Ontario’s Land Transfer Tax (LTT) system to reflect developments in the real estate market, by: 

• Enhancing support for first-time homebuyers;
• Updating LTT rates and brackets; and
• Restricting the refund for first-time homebuyers to Canadian citizens and permanent residents.

Doubling the Maximum Refund for First-Time Homebuyers 

To help Ontarians buy their first home, the Province is proposing to double the maximum refund for first-time homebuyers from $2,000 to $4,000, effective January 1, 2017.  read more..................

Rising house prices will boost land transfer tax revenues by 15% this year, province says more info here.......

#1stTimeBuyers  #LandTransferTax  Information for 1st-Time-Buyers