First Time Buyer Land Transfer Tax Relief

News Release | December 13, 2007 | Government of Ontario | Ministry of Finance
ONTARIO EXPANDS LAND TRANSFER TAX REFUND PROGRAM

First-time buyers of resale homes to benefit from new tax measure

The McGuinty government is giving all first-time homebuyers a break on land transfer tax by proposing to expand the Land Transfer Tax Refund Program to include purchases of resale homes, Finance Minister Dwight Duncan announced today.

"Expanding this Land Transfer Tax refund is an important part of our government's commitment to helping Ontarians buying their first home," Duncan said.

Effective midnight tonight, first-time buyers of resale homes, as well as newly constructed homes, would be eligible for a refund from the provincial government of up to $2,000 of the Land Transfer Tax paid.

The expanded Land Transfer Tax Refund Program for First-time Homebuyers is part of a package of new tax initiatives announced in the 2007 Fall Economic Outlook and Fiscal Review that would provide $1.4 billion in provincial tax relief for business and people over three years. The government is making strategic investments in people, communities and infrastructure to strengthen Ontario's economic advantage and help manufacturers and other sectors challenged by current economic conditions.

For more information please visit: http://www.gov.on.ca

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This is a great opportunity for first time home buyer's to receive some additional tax relief. So, if you have been considering buying your first home now is a great time to start looking. The hot spring market hasn't started and with this relief in sight you may find that perfect property at a really great price and a little savings to boot. If you aren't a first time buyer the tax relief doesn't apply but the winter season is still a great time to look since the market hasn't heated up with the rush of spring. The gems are still out there with a bit of searching.

Best of Luck with All Your Real Estate and a Merry Christmas and Happy Holidays

Jennifer

For more tips on buying and selling check out http://www.homesforsaledurhamregion.com/

Jennifer O'Malley, Sales Representative
Sutton Group - Status Realty Inc., Brokerage

Office: 905-436-0990 (24 hr paging)

Email: jen@jenniferomalleyrealtor.com
Website: http://www.jenniferomalleyrealtor.com/

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