Ontario to help first-time home buyers

internal banner
Ontario to help first-time home buyers

The Ontario government released some interesting news in The Globe and Mail. It was announced that the government will be providing first time home buyers a refund up-to $4,000 on the land transfer tax.  This is said to be a small step to ease the pain of the Toronto housing market.  

British Columbia went with a more direct approach in attempts to cool off their hot market by issuing a 15% tax for foreign buyers.

This refund that will be given to the first-time home buyers needs to come from somewhere and that somewhere is from other buyers. The government will be raising the land transfer tax for any portion of a home priced over $2 million by 0.5%*; also non-home properties, such as commercial buildings priced over $400,000 will rise by 0.5%
Example:  *Home valued at $2.5 million ($500,000 x 0.05% = $2,500)

For the majority of individuals who are thinking of buying homes in York Region (Markham, Stouffville, Unionville, Richmond Hill and surrounding areas) this will have little effect.

What the Ontario government has done is inconsequential because they have given first-time home buyers an extra $2000, when really if a buyer is already willing to spend close to $800,000 on a home that extra $2000 will not effect the overall decision being made by the buyer.

Source: The Globe and Mail

Request a FREE Home Evaluation

View Leslie's Coming soon Listings

View Leslie's Listings

View Open Houses

I Guarantee to Sell Your Home or I'll Buy It!*
- Leslie Benczik, Broker

*Some conditions apply to the 28 days or we buy it program. Not all properties qualify and may be subject to a home inspection & staging consultation. Contact us for more details based on your specific real estate move.

Show Buttons
Hide Buttons
Share This