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