toronto first time home buyer rebate

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

Latest in City

Someone found a lost pond on an old map of Toronto

Toronto police seized this gun over the weekend and people have questions

U of T historians just flamed the Ford government in an open letter

Vaccine pop-up clinics in Toronto are resulting in ridiculously long lines

Here's why Toronto's streets may end up being a lot dirtier than usual this spring

A Toronto pharmacy just celebrated 1,000 vaccine shots with confetti cannons

Here's what Toronto's long-awaited pedestrian bridge looks like now that it's open

Doug Ford confirms that paid sick days are coming for Ontario workers