Carol Day, Broker

Land Transfer Tax & First Time Buyers

As of January 1, Ontario’s first time home buyers are eligible to receive a $4,000 land transfer tax rebate, an increase of $2,000.

This means that a home purchase of up to $368,000 would be free of tax once the rebate is applied (this is done by your lawyer on closing).

For purchases above $368,000 there will be some tax owed.

For example, on a purchase of $400,000 the Land Transfer Tax would be $4475.
The first time buyer will only pay $475 of this!
This makes home ownership more within reach for many.

Contact Carol Day for advice in purchasing your first home.
There is indeed a learning curve and many details to think about....
The right mortgage, the right lawyer, inspections, contractors....
As you approach making your largest investment, it helps to have a trusted advisor to light your path.