The Wright Sisters Group | Union Realty Brokerage Inc. - The Beaches, Leslieville, Riverdale and East York Real Estate Specialists – Your East End Toronto Real Estate Team

We did it!

16 November 2016
LINDSAY WRIGHT

We did it! 

Ontario REALTORS have lobbied for and won the first tax break for first-time buyers in over ten years. This tax break will help make home ownership more affordable by providing some relief to those Ontarians that need it most – young families.

This news came today as part of Ontario's Fall Economic Statement. In the statement, Minister Charles Sousa committed to increasing the land transfer tax (LTT) rebate for first-time buyers from $2,000 to $4,000. The increase was done specifically to help first-time buyers enter the housing market. Buyers can start claiming the rebate effective January 1, 2017.

 At this time last year, Ontario REALTORS were fighting to stop what would have been the largesttax increaseon home ownership in a generation – the municipal land transfer tax. Today, we've helped usher in one of the largesttax breaksin a decade.

  For the young couple entering the housing market, this week’s announcement is good news. It's also a testament to the strength of the REALTOR voice at Queen's Park.