First-time home buyers in Toronto to get tax rebate
It's not easy to buy a home in Toronto, considering the average price for a detached house is sitting above the $1 million mark. However, the government of Ontario is giving first-time home buyers across the province a little bit of a break.
Finance Minister Charles Sousa announced today, as the Toronto Star reports, that first-time buyers will get a $4,000 land tax transfer rebate. This means they won't pay land transfer tax on the $386,000 of their house. In some cases, like those buying condos (under the average price of $429,407) for instance, won't pay any land transfer tax at all.
The province will pay for this by upping the land transfer taxes for others - houses that cost $2 million or more will be subject to a rate of 2.5 per cent, up from 2 per cent.
In Toronto, as the Star notes, buyers will still have the city's land transfer tax levy, which was introduced in 2008.
Photo via House of the Week.
Join the conversation Load comments