The Ontario Government has announced that they will double the land transfer tax rebate amount from $2,000 to $4,000 for first time home buyers. This is in an effort to aid them while some are struggling with new mortgage rules taking affect.
Beginning in January 2017, this will mean that first time home buyers will pay no land transfer tax on a purchase up to $368,000.
Ontario Finance Minister believes this will alleviate some of the hurdles in the way for first time home buyers and help them get involved in the market place.
Visit the Money Sense website HERE for more programs that help first time home buyers and please let us know if you have any questions at all.