New Land Transfer Tax rebate for first-time buyers

in Ontario

Steve Randall

First-time buyers in Ontario will benefit from the

newly-extended land transfer tax rebate announced

Tuesday.

Buyers can now claim back up to $4,000 which for

cities with an average price of $368,000 or less will

mean they pay no LTT at all. The previous rebate was

$2,000.

“This tax break will go a long way towards making

home ownership more affordable for first-time buyers

in Peterborough and the county, where the average

price of a home is $319,800,” said Dianne Tully

president of the Peterborough and the Kawarthas

Association of Realtors.

Ontario Real Estate Association has launched a

website (firsthomerebate.ca) to enable buyers to

calculate their rebate. OREA’s CEO Tim Hudak

praised the provincial government’s positive steps on

affordability.

“The new LTT rebate will put more money in the

pockets of first-time home buyers and help young

families achieve their dreams of home ownership.

These savings benefit both the buyer and our local

economies,” Hudak said.