Province Doubles Land Transfer Tax Rebates for First Time Home Buyers & Other Changes Back in November 2016, the [...]
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Greater Toronto Area REALTORS® reported 5,793 sales in November 2012 – down by 16 per cent compared to November 2011. “Transactions have been down on a year-over-year basis since June, after being up substantially in the last half of 2011 and the first half of 2012. Some buyers pulled forward their decision to purchase, which has impacted sales levels in the second half of 2012,” said Toronto Real Estate Board (TREB) President Ann Hannah.
When dealing with first time home buyers, one of the most common misconceptions that I hear is "I'm a first time home buyer, I don't need to pay the land transfer tax!" And what a big misconception it is! Everyone, regardless if you have bought a home previously or are a FTHB, you must pay Land Transfer Tax to the Provincial and/or the Municipal government in Ontario.
Taxes Taxes Taxes! The cost of home ownership includes paying taxes to the provincial and municipal governments for a variety of items such as the Land Transfer Tax (LTT). Land Transfer taxes are a part of every residential real estate transaction in Ontario (however rebates are available for First Time Home Buyers) and should be accounted for as part of the closing cost a buyer requires to pay.
If you are a first time home buyer, congratulations on this significant step in your life! A home is generally considered the largest investment most people will make in their life. The Canadian and Ontario government has made it easier to enable first time home buyers to afford their first home by providing programs, tax credits and rebates....