Good news to all of you first time home buyers! Effective January 1, 2017, The Land Transfer Tax Rebate for first time homebuyers has increased from $2,000.00 to $4,000.00.
The Land Transfer Tax (“LTT”)rates for commercial real property transactions will increase from 1.5 per cent to 2 per cent for the portion of the value of consideration given for the property that exceeds $400,000. This does not apply to single family residential homes. The rate for ALL homes over $2,000,000.00 has increased to 2.5%.