Day+Borg LLP logo

 

Latest News & Alerts

Recent Legal News

News that can affect YOU...

Monday, November 14, 2016 - Land Transfer Tax Rebate Doubles

Finance Minister Charles Sousa is giving first-time home buyers a land transfer tax rebate of up to $4,000.

Sousa used Monday’s fall economic statement to announce the tax break for eligible purchasers is being doubled from $2,000.  The treasurer said the measure — funded by hiking rates on houses selling for more than $2 million — will have more impact outside the Greater Toronto Area’s overheated housing market, but stressed, "every little bit counts."

 

"It’s not going to change their capacity to pay; it’s not going to change their ability to afford the home; it is going to provide an added boost," he told reporters.

Asked if the city of Toronto — the only municipality that is allowed to charge a separate land transfer tax — should follow the province’s lead, Sousa said that’s up to council.

The change takes effect on Jan. 1 — 18 months before the 2018 election.   The full story, including video, can be found here.

Written by Robert Benzie & Rob Ferguson Toronto Star - Queens Park Bureau

 


Monday, October 16, 2016 - Major Changes To Canada's Mortgaging Rules

The Liberal government has announced sweeping changes aimed at ensuring Canadians aren’t taking on bigger mortgages than they can afford in an era of historically low interest rates.

The changes are also meant to address concerns related to foreign buyers who buy and flip Canadian homes.  The following is a breakdown of the four major changes Finance Minister Bill Morneau announced Monday.

Buyers with a down payment of at least 5 per cent of the purchase price but less than 20 per cent must be backed by mortgage insurance.  This protects the lender in the event that the home buyer defaults.  These loans are known as "high loan-to-value" or "high ratio" mortgages.

In situations in which the buyer has 20 per cent or more for a down payment, the lender or borrower could obtain... read the full story here.

Written by Meredith MacLeod - CTVNews.ca

 

Finance Minister Bill Morneau