For more information, contact Matthew Regan at (905) 822-6900.
“Ontario is doubling the rebate on the land transfer tax for first-time homebuyers to $4,000 in an effort to help them enter the housing market, but it is raising the same tax on homes that sell for over $2 million.
Finance Minister Charles Sousa said first-time buyers won’t pay any land transfer tax on the first $368,000 of a purchase price once the changes take effect January 1st.
There will be a half-percentage point increase in the tax on homes that fetch more than $2 million, a measure expected to affect less than one per cent of the population, added Sousa.”
Globe and Mail: