13 Mar 2017

New Land Transfer Tax Rule Said To Help First Time Home Buyers

It’s become very obvious to most people when looking at the real estate market that things are very difficult for first time home buyers. 

Important LTT news – Land Transfer tax changes have been approved by the city of Toronto and will come into effect March 1, 2017. Some new home buyers will incur additional costs if their closing date is on or after March 1st of this year, while others may pay none.

The new rules for the Land transfer tax is supposed to assist first time home buyers while conversely adding additional taxes to those who have the funds to bridge that gap.

Important Changes:

· There will be no LTT applied to the first $368,000 of any home purchased by a first time home buyer.

· There will be an additional %0.5 added to residential properties above 2,000,000.

· There will be an additional %0.5 added to non residential properties over $400,000.

· The maximum rebate for first time home buyers which used to be 2,000 will double to 4,000.

· In addition the stipulations for the home buyers rebate have been restricted to Canadian citizens or permanent residents only.

Read 1518 times Last modified on Monday, 13 March 2017 22:30
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