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Today, Ontario Finance Minister Charles Sousa announced the government is doubling the first-time homebuyers land transfer tax rebate from $2,000 to $4,000 effective January 1, 2017. The province is also proposing to restrict eligibility to Canadian citizens and permanent residents and updating the land transfer tax rates and brackets, effective January 1, 2017.
Paul Taylor released the following statement:
“Mortgage Professionals Canada applauds Minister Sousa for recognizing that more efforts need to be taken to support first-time homebuyers. This is an important measure to help younger Canadians get into the housing market, especially in light of the recent federal changes to mortgage insurance and eligibility that will disproportionately impact first-time buyers. We look forward to working with Minister Sousa on further ways to make homeownership more affordable and accessible for Ontarians.”
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