First time home buyers $4000 Land Transfer Tax rebate

Effective January 2017, the First time home buyers Land Transfer Tax rebate has been increased to $4000 (conditions apply).  This is great news for first time home buyers stressed about the high cost of real estate.  Although it does nothing to reduce the purchase price of real estate, it does offer these buyers ‘some’ relief in helping with the initial costs associated with home buying.

DO YOU QUALIFY?

  • Are you at least 18 years old
  • You and your spouse are first-time homebuyers
  • Your purchased home will be your principal residence
  • You are a Canadian citizen or permanent resident
  • Your home closes January 31, 2017 or later

There are conditions associated with the rebate and it is suggested that you acknowledge your qualifications with a Lawyer as the Land Transfer Tax is payable at time of closing and usually done by the Lawyer on your behalf.

OREA has created an informational video and website to assist first time home buyers understand where their position and qualifications.

You can find it by clicking here

For more information or to work with one of our network professionals, simply send us your request for information and we will be happy to speak with you.

Buying your first home is very exciting and stressful, BEFORE you submit an offer with just any REALTOR® give us a call and get educated – It could save you thousands!