As of January 1, 2017, a first-time home buyer in Ontario will be eligible for an up to $4,000 Land Transfer Tax rebate – up from the previous $2,000.
This means that no Province of Ontario Land Transfer Tax is paid on the first $368,000 of the purchase price of a home.
Whether you’ll use the rebate to pay down your mortgage, renovate your bathroom, purchase new appliances or pay your closing costs, the rebate is sure to be great news for first-time home buyers.
- You must be at least 18 years old
- You (and your spouse) are buying your first home
- This home will be your principal residence
- You are a permanent resident of Canada or Canadian citizen
- If you meet the requirements for the Land Transfer Tax rebate, ask your real estate agent how you can apply!