On Friday, January 27, LSTAR hosted a news conference of the Ontario Real Estate Association regarding the increase of the Land Transfer Tax rebate for first-time home buyers. Our Association was represented by 2015 LSTAR President Carl Vandergoot.
At the conference, Deputy Premier Hon. Deb Matthews (MPP for London North Centre), Parliamentary Assistant to the Minister of Finance Yvan Baker (MPP for Etobicoke Centre), and LSTAR's representative talked about how this new tax rebate can help Ontario's first-time home buyers.
Back in November, the provincial government announced significant changes to the Provincial Land Transfer Tax (PLTT), including a doubling of the rebate available to first-time home buyers, and an increase in the PLTT paid on the portion of the price of properties over $2,000,000 to help pay for the increase in the first-time buyer rebate. As a result, the the maximum rebate for first-time home buyers was increased from $2,000 to $4,000. These changes took effect on January 1st, 2017.
Learn more about the new tax rebate by speaking with your local REALTOR® or by visiting www.FirstHomeRebate.ca.