GOOD NEWS FOR FIRST-TIME HOMEBUYERS

Ontario has doubled the rebate on the land transfer tax or first-time homebuyers to $4,000 in an effort to help them enter the housing market, but it has raised the same tax on homes that sell for over $2 million.

Since January 1, 2017, first-time buyers don’t pay any land transfer tax on the first $368,000 of a purchase price. There has been be a half-percentage point increase in the tax on homes that fetch more than $2,000,000, a measure expected to affect less than one per cent of the population.
(source: globalnews.ca)