Queen's Park Sends First Time Home Buyers an Early Christmas Gift

I don't suppose the rebate is retroactive to Jan 1 2007? :-)

Andrew would never admit that this makes Toronto's land transfer tax even better for people who aren't real estate agents. Without Toronto implementing the tax, the provincial government wouldn't have even given a second thought to bringing relief to the only people who really need or deserve it: first time buyers.

What about couples where one is a first-time buyer and the other isn't? Rebate or not?

Sean-I wish! It's effective on all agreements of purchase and sale dated Dec. 14th forward.

GS, I'm not sure what you are trying to say. Please re-phrase.

Sandy, good question but likely it would only apply if a given property was purchased solely in the name of a first time buyer.

I'm saying you and your greedy real estate agent friends would never admit that the Land Transfer Tax, provincial and municipal, is now fairer than it's ever been.

You would never admit that because the majority of people who buy houses aren't first time buyers so the increased Land Transfer Tax will end up costing you money because, as the economists say, the increased LTT will mean that the cost of the tax will force profit margins down ever so slightly so there is no real increase in price to the buyer.

And we all know that if real estate agents really cared about home buyers and sellers they would make their commissions more reasonable.

Oh right. Real estate agents are the spawn of Satan etc. Sorry, I thought you had something useful to add to the discussion.

GS - gonna need some proof for that, given that it would be the first time in history Queens Park has followed 100 Queen West's lead.

That's like saying the Grits never stole anything from the NDP playbook because Sorbara's finger prints weren't lifted from Dipper platform.

Look at how the LTT debate went, Dowling. Toronto put the issue on the table and McGuinty's boys decided to play hero to the would-be homeowners because it's a small price to pay for political popularity.

...At least Andrew didn't lie and pretend it isn't true.

the LTT is basically a penalty... people think of it as a saving, but really, saving what? it shouldn't even have been there in the first place...the whole tax thing makes buying and selling properties sound like a sin..there is already GST on it.. so next would be, you go to a restaurant, and you are gonna pay Food Transfer Tax on top of pst gst.

Does this apply to pre-construction purchases? (i.e. say I bought in September this year but won't close until May next year - do I get my $2k? :) )

Adam,

Yep, it has always applied to new condos and homes if you are a first time buyer. The change is now it applies to resales.

so if i purchased my home in sept. 07 i am not entitled to the LTT rebate? the rebate only applies to buyers in a 2 week period? im confused

Jack, precisely. There is no impact to the City for merely exchanging title, no added value. It is completely different to something like a congestion tax.

GS, defensive much? That's what using someone's surname usually means. I can't use yours because you're all being mysteriously pseudonymous and all.

Tony-It's effective Dec 14th onward. Sorry, but it sounds like you bought a few months too early to qualify.