5 Numbers To Know About the 2017 Land Transfer Tax Rebate Changes

A little over a month ago the Ontario Finance Minister announced that they are doubling down on the land transfer tax rebate for first time home buyers.

This is great news for first time home buyers and will effectively eliminate land transfer tax for MOST first time home buyers in the London market (based on our sale prices.

5 Numbers to know about the land transfer tax rebate:

1 rebate only available the first time you buy a house.

4000 the new maximum rebate amount

$368,000 the price of a home you could hypothetically speaking buy without paying land transfer tax

2 Million homes over this amount will be taxed SLIGHTLY higher. (by ½ a percentage point)

2017 This all starts next year, on Jan 1.

Happy new year!

Let me know if you have any questions about this program, or if you would like to start looking for your first home.